President Bush vetoed the Farm Bill today, saying "At a time of high food prices and record farm income, this bill lacks program reform and fiscal discipline." He said it uses "budget gimmicks" to hide spending increases" and "continues subsidies for the wealthy." His statement continued, "The American taxpayer should not be forced to subsidize that group of farmers who have adjusted gross incomes of up to $1.5 million."
Bush also criticized creation of a new program that could cost billions if commodity prices drop, several specific spending earmarks in the bill, and the extension of prevailing-wage rules, which he said have no place in the bill. He also cited unspecified "constitutional concerns." But the House and Senate, which passed the bill by veto-proof margins, are expected to override the veto quickly because current farm programs expire Friday.
UPDATE: The House discovered that it failed to send the full bill to Bush, invalidating his veto, so an emergency measure may be needed to extend farm programs again. But the ultimate outcome, passage of the bill into law, does not appear to be in doubt. For details from Peter Shinn of Brownfield Network, click here.
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