Farm Bill: Projected Costs, Timing, and Substantive Issues
David Rogers reported on Friday at Politico that, “New cost estimates Friday from the Congressional Budget Office predict that the Senate farm bill will save an estimated $23.6 billion over the next 10-years, about three-quarters of which would come from a net reduction in subsidies for major commodities.
“Beneath the surface, the 20-page report confirms a huge shift of resources toward new government-backed crop insurance options that would help farmers cover the deductibles they now pay. But even allowing for this investment, the Senate bill would save about $17 billion from what are generally seen as traditional support programs.
“A second wave of cuts from nutrition and conservation programs would save an additional $10.1 billion, about half of which would go to deficit reduction and half to pay for smaller energy, agricultural research, and specialty crop initiatives.”