AGRIBUSINESS: “House Rejects the Farm Bill”

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Yesterday the House rejected the farm bill, among opposition from both sides of the aisle. The vote was 234-195 an unexpected defeat.

On the previous, the five-year bill would have cut two billion dollars annually from food stamps and allowed states to impose broad new work requirements on food stamps. Many Republicans said the cuts were not enough, while Democrats wanted to restore the money and instead slash subsidy payments to farmers.

The House bill, which would cut around four billion dollars a year in overall spending on farm and nutrition programs, expands crop insurance programs and creates a new kind of crop insurance that kicks in before farmers' paid policies do.

House Ag. Committee Chairman Frank Lucas says the bill is necessary to avoid farm crises and that it has some of the biggest reforms in decades.

The Senate passed its version of the farm bill last week, with about two-point-four billion dollars a year in overall cuts and a 400 million dollars annual decrease in food stamps, one-fifth of the House bill's food stamp cuts.