Obama proposes ending $5 billion farm subsidy

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Reuters reports President Barack Obama wants to end direct payments and other farm subsidies to save the White House billions of dollars over the next decade.

Cutting direct payments alone would decrease current farm supports by half, if not more. Reforming agricultural subsidies usually occur when writing the new farm bill but the congressional push to decrease the overall budget has moved discussions ahead of schedule.

The idea to cut direct payments has surfaced as grain prices are at record high levels. The White House says half of farms receiving payments have yearly incomes above $100,000. Crop insurance reforms to save $8.3 billion and a $2 billion cut in stewardship programs are also in consideration. The White House may also renew a disaster program set to expire on Oct. 1.

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Source: Reuters

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