February 18, 2020

Budget: Agriculture and Climate Change Issues; and Peanuts

Budget- Agricultural Programs

Jackie Calmes reported in today’s New York Times that, “President Obama on Thursday unveiled nearly $17 billion in additional budget cuts for the coming fiscal year to underscore what he called an ‘ongoing’ effort to find savings at a time when the government’s costs for bailouts, health care and wars are mounting far faster.”

The Times article explained that, “The $17 billion would be saved by ending or reducing 121 federal programs.”

With respect to agriculture, Reuters writer Charles Abbott reported yesterday that, “U.S. President Barack Obama on Thursday proposed a $250,000 a year cap on farm subsidies and a phase-out of the ‘direct payment’ subsidy to large operators — ideas already rejected this year by Congress.”

Mr. Abbott added that, “Farm subsidy spending, estimated at $9.25 billion this year, would be cut by $1 billion a year under Obama’s proposals, which include a reduction in crop insurance subsidies and an end to cotton storage payments.”