New US Farm Bill Agreement Will Cut Subsidies

A group of bipartisan lawmakers on Monday agreed to a deal on a farm bill that would end direct subsidies to farms in favor of crop insurance.
The deal could trim as much as $90 a month from food stamps for 850,000 recipients.

The farm bill would last five years and needs to pass both chambers and then be signed by the president.
The bill could be passed before the spring planting season. That’s significant because farmers need to know early how it might affect prices and what to expect for their corn, wheat or tobacco yields.

The bill changes the current agricultural subsidy system. It ends direct payments to farmers for planting crops and replaces it with a revamped, beefed-up crop insurance program.

“Today’s bipartisan agreement puts us on the verge of enacting a five-year Farm Bill that saves taxpayers billions, eliminates unnecessary subsidies, creates a more effective farm safety-net and helps farmers and businesses create jobs,” said Sen. Debbie Stabenow, a Michigan Democrat who chairs the Senate agriculture panel.

via CNN

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