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Shining Light on Farm & Food Policy for 20 Years.
Friday, September 27, 2024
The chief economist for Senate Ag Committee’s Republican staff says the Congressional Budget Office’s new farm program forecast does nothing to help lower the cost of making improvements in commodity programs that ag groups are seeking.
The Congressional Budget Office is increasing its cost projections for farm bill programs due to lower estimates for some future market prices The commodities expected to see significantly higher payments over the next 10 years than previously estimated include cotton and dairy.
House Speaker Kevin McCarthy meets with President Joe Biden this week as Republicans push for a deal pairing spending cuts with a debt ceiling increase, while the Congressional Budget Office will release new economic projections that could make it easier – or harder – for lawmakers to write a new farm bill.
Commodity groups face some critical farm bill decisions in coming weeks that hinge on factors out of their control, including an updated forecast of farm program costs and uncertainty about the ongoing debt ceiling standoff between the White House and House Republicans.
The official new estimates for farm bill costs do little to ease the funding squeeze facing lawmakers who want to increase reference prices for major commodities to reflect the higher input costs farmers are paying.
Meanwhile, the Congressional Budget Office forecast raises new questions about the future of conservation funding provided through the Inflation Reduction Act.
Lawmakers likely won’t start writing a new farm bill for several months, but budget estimates due to be released this week will shape the debate over the legislation.
Scientists are reporting some major success in sharply boosting crop yields by engineering plants to be more efficient at photosynthesis - their process of turning light into food.
