Cuts in farm subsidies are among a list of spending cuts President Obama proposed yesterday, despite congressional rejection of a similar proposal on farm subsidies soon after he took office.
"The president wants to maintain a strong safety net for farm families and beginning farmers while encouraging fiscal responsibility," a White House statement said. The proposed cuts would put set the cap at $250,000 for farms eligible to receive subsidies and would phase out the "direct payment" subsidies to large operations.
"Farm subsidy spending, estimated at $9.25 billion this year, would be cut by $1 billion a year under Obama's proposals, which include a reduction in crop insurance subsidies and an end to cotton storage payments," reports Reuters. (Read more)
The Office of Management and Budget said Obama's budget would "support rural economic development ... rural revitalization and education ... fight rural crime ... improve rural health ... develop and strengthen rural broadband, telecommunications, and electric services ... expand rural homeownership opportunities ... promote rural America’s leadership in developing renewable energy" and "provide critical support for family farmers." The points are made in "Standing With Rural America," one of OMB's "five fact sheets on key issues."
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