Farm Bill Update

It looks like the decision made by the Senate early Tuesday morning had some major implications for the Farm Bill. A nine-month extension of the current bill that focuses on the “dairy-cliff” will prevent the skyrocketing of food prices and government spending that would’ve occurred had the current bill expired. The expiration of the current bill would have meant reverting to the 1949 agricultural law that included higher government price supports for milk, corn, rice, wheat and other crops.

The extension does not include funding for the Beginning Farmer and Rancher Development Program.

Click here for the complete story from Rob Nixon of the New York Times.

Cartoon Credit: Claudio Munoz, The Economist
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