Fixed payments to grain and cotton growers over the next 10 years would be cut by an estimated $400 million, but that was much less than critics of the subsidies proposed. Details remain to be worked out, "including a tightening of income-eligibility limits for farm subsidies," reports Philip Brasher of The Des Moines Register.
"The government would spend $10 billion more than allocated by congressional budget committees last year," reports Dan Morgan in The Washington Post. "The Bush administration had proposed an increase of about $5.5 billion." To help head off a presidential veto, Brasher reports, "Lawmakers agreed to drop a revenue source that the White House had objected to and instead decided to get money they needed through extending user fees paid by importers. "
The 51-cent-per-gallon tax credit for ethanol would be cut to 45 cents "to help offset the cost of a package of tax incentives for horse racing, timber and other industries," Brasher reports. "A new subsidy, worth as much as $1.01 a gallon, would be created for ethanol made from sources other than corn, including crop residue and wood waste." (Read more)
"Rising food costs gave a strong impetus to stepped-up funding for programs such as food stamps that help poor and near-poor families," Morgan reports. "Versions passed by the House and Senate last year proposed modest increases in food stamp benefits and eased standards of eligibility for the program. Last week, Senate negotiators offered a $9.5 billion increase over 10 years. Yesterday, they upped that offer by $800 million to $900 million, sources indicated."
Morgan also reports that the agreement includes the first requirment for "country of origin" labeling for imported meat and vegetables. (Read more)
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