Farm Bill Prospects Nearly Nonexistent This Year
Analyst Jonathan Coppess said Thursday that the chances of passing a new farm bill this year are 鈥渘onexistent鈥 except for a 鈥渓ame duck long shot鈥 after the November elections. The primary hurdle is Republicans’ demand for higher crop subsidy spending without specifics. Additionally, disagreements over SNAP cuts and climate funding have stalled progress. Congress is nearly 10 months overdue in replacing the 2018 farm law.
House Agriculture Committee chair Glenn Thompson stated that debate on the bill wouldn鈥檛 begin until September. Senate Agriculture Committee鈥檚 senior Republican, John Boozman, suggested that extending the current law into 2025 might be preferable if meaningful changes aren鈥檛 made to reference prices that trigger subsidy payments.
The House Agriculture Committee鈥檚 farm bill, passed in May, proposes increasing crop subsidy and insurance outlays by a third but only partially offsets the cost. It also includes proposed SNAP cuts, which have failed in previous farm laws. Senate Agriculture Committee chair Debbie Stabenow criticized Republicans for claiming that SNAP costs take resources away from farms, calling the argument misleading.
Farm groups have long sought higher reference prices and expanded crop insurance. Boozman proposed a 15% increase in reference prices, while Stabenow promised a 5% increase with $5 billion allocated for it. However, progress remains slow, and an extension of the 2018 farm bill seems more likely than a new agreement.
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