WASHINGTON, May 25 – The Congressional Budget Office released its official score of the Agriculture Reform, Food and Jobs Act of 2012, S. 3240, today.
CBO estimates that enacting the bill would bring total direct spending for USDA programs covered under the bill to $969 billion over the 2013-2022 period—$23.6 billion less than would be spent if those programs were continued as under current law.
The commodity title would repeal most current agricultural price and income support programs for crop and dairy producers and CBO estimates that federal spending on commodity programs would total $43.2 billion over the 2013-2022 period—or $19.8 billion less than expected if current law were continued.
CBO estimates that the new Agriculture Risk Coverage (ARC) payments “would average $3.2 billion per year; however, actual payments from year to year would probably vary considerably from that expected average payment.”
The bill also would authorize appropriations over the 2013-2017 period for existing and new USDA programs involving research and education, nutrition, trade promotion, rural development, credit assistance, forestry, and conservation initiatives. CBO estimates that implementing those provisions would cost about $28 billion over the next five years,assuming appropriation of the necessary amounts.
To view the full CBO report, click: www.agri-pulse.com/uploaded/CBO_Pub_S3240.pdf
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