Greg Hitt reported in today’s Wall Street Journal that, “As a showdown looms with the White House, key members of the House and Senate reached agreement Wednesday to trim some payments to farmers under a five-year $300 billion farm bill. Floor votes on the measure could come next week.
“Congressional aides suggested that lawmakers involved in negotiations on the legislation had moved again to address White House demands for limits on government payments to wealthy farmers.
“Among other things, the legislation is now expected to cap some payments to farmers with adjusted gross incomes of $750,000 or more, and may go lower. In recent discussions on Capitol Hill, aides to President Bush had urged lawmakers to set the limit at $500,000. Previously, lawmakers had been looking at a cap of $950,000.”