Ag Committee Rejects Obama Proposal to Cut Farm Subsidies
March 4, 2010 /EIN PRESSWIRE/ The House Agriculture Committee has rejected proposals from President Barack Obama to reduce crop-insurance subsidies, cut annual subsidies and reclassify who is a high-income farmer.
The administration wanted to lower the ceiling on farms that receive subsidies by nearly half. The farm bill of 2008 says that farmers with an adjusted gross income of less than $500,000 qualify for subsidies. The White House wanted to lower that figure to $250,000, which would have affected an estimated 30,000 people.
Obama also proposed capping the annual direct-payment subsidy from $40,000 to $30,000 and cut federal subsidies for crop insurance.
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