Obama signs a "Swiss Army Knife" farm bill

02-09-2014 • Free Press Publications

On February 7, President Obama signed a farm bill that has an estimated cost of $954.6 billion. The President and other supporters claim the bill will reduce the deficit by $23 billion over the next ten years, though the National Taxpayers Union points out, “it is highly unlikely that taxpayers will reap any so-called ‘savings’ from the almost $1 trillion spending bill.” Jim Babka of Downsize DC points out, this bill subsidizes Big Ag and Big Food. For example, the bill provides $800 million in loan guarantees over 10 years to small manufacturers and biorefineries. Additionally, the bill will: Recombine the separate agriculture and nutrition titles passed by the House with five and three year schedules, respectively. Eliminate means testing that would reduce federal premium support by 15 percent for recipients with adjusted gross incomes of more than $750,000. This was included in the Senate-passed bill and in a House-passed “sense of the House.” Maintain carve-outs and corporate