Monday, October 17, 2011

Just in from Capitol Hill

Ag Committees Eye $23 Billion, 10-Year Farm Program Savings

Washington--The House and Senate Agriculture committees are set to report their ideas for savings from agriculture to the Joint Select Committee on Deficit Reduction.

“While nothing is official and we have not seen anything in writing, it appears the chairmen and ranking members of the House and Senate Agriculture committees have reached an agreement to suggest a 10-year savings target of $23 billion to the Joint Committee. The Joint Committee must recommend a $1.2 trillion deficit reduction package next month,” explained Mary Kay Thatcher, American Farm Bureau Federation farm policy specialist.

“While the exact assumptions behind the $23 billion target are not yet public, we understand the agreement includes total elimination of direct payments and target prices, and a new revenue program that would provide shallow loss assistance. We do not believe any reductions will be required in the crop insurance program. Nutrition will be required to take a small reduction in funding,” Thatcher said.

Reuters article

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