Farm Bill Prospects Nearly Nonexistent This Year

Analyst Jonathan Coppess said Thursday that the chances of passing a new farm bill this year are “nonexistent” except for a “lame duck long shot” after the November elections. The primary hurdle is Republicans’ demand for higher crop subsidy spending without specifics. Additionally, disagreements over SNAP cuts and climate funding have stalled progress. Congress is nearly 10 months overdue in replacing the 2018 farm law.

House Agriculture Committee chair Glenn Thompson stated that debate on the bill wouldn’t begin until September. Senate Agriculture Committee’s senior Republican, John Boozman, suggested that extending the current law into 2025 might be preferable if meaningful changes aren’t made to reference prices that trigger subsidy payments.

The House Agriculture Committee’s farm bill, passed in May, proposes increasing crop subsidy and insurance outlays by a third but only partially offsets the cost. It also includes proposed SNAP cuts, which have failed in previous farm laws. Senate Agriculture Committee chair Debbie Stabenow criticized Republicans for claiming that SNAP costs take resources away from farms, calling the argument misleading.

Farm groups have long sought higher reference prices and expanded crop insurance. Boozman proposed a 15% increase in reference prices, while Stabenow promised a 5% increase with $5 billion allocated for it. However, progress remains slow, and an extension of the 2018 farm bill seems more likely than a new agreement.

Source: Agriculture.com