FarmPolicy

November 28, 2014

Farm Bill- Sequestration; Hearing; Biofuels; and, Land Values

Farm Bill- Sequestration, Budget Issues

David Rogers reported yesterday at Politico that, “Senate Democrats said Thursday they will move ahead with a roughly $110 billion budget package — evenly divided between new tax revenues and spending cuts — to forestall the across-the-board sequester cuts due to take effect March 1…The Nevada Democrat [Sen. Majority Leader Harry Reid] hopes to bring the bill to the floor the week of Feb. 25 when senators have returned from the Presidents Day recess.”

Mr. Rogers noted that, “[The bill contains:] $27.5 billion in net spending reductions from farm programs. About $31 billion would be saved by cutting direct cash payments to producers — a system that is widely criticized at a time of high farm income. And to win support from Senate Agriculture Committee Chairwoman Debbie Stabenow (D-Mich.), the bill reallocates about $3.5 billion of these savings to extend farm programs left hanging by the White House and Senate Republicans in the New Year’s tax deal.”

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