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.
Read more at Agriculture Industry Today:
Obama Administration & Agriculture news – http://agriculture.einnews.com/news/obama-agriculture
Located at http://agriculture.einnews.com, Agriculture Industry Today is a service of EIN News, an industry leader in news monitoring for business professionals and analysts. Using a combination of proprietary search technology and human editing, EIN News delivers to its members the latest agriculture news from around the world, saving them valuable time they’d spend searching for information. New users to Agriculture Industry Today can enjoy a no-obligation, one-week free trial.
About EIN Presswire
The EIN Presswire press release distribution service is a news-syndication solution that distributes news to more than 10 million visitors annually at EIN News and millions more through its press release distribution partners. A news source for leading journalists, decision-makers and industry professionals worldwide, EIN Presswire targets press releases to a wide array of worldwide business professionals in more than 80 different industries. EIN Presswire also offers affiliate network opportunities and news distribution to tens of thousands of news subscribers daily. Read the newest business news at http://www.einpresswire.com and the latest world news in more than 80 different industries at http://www.einnews.com.