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House Farm Bill Would Outspend Obama on Most Expensive Farm Program
Posted By Daren Bakst On June 19, 2013 @ 3:09 pm In Featured,Ongoing Priorities | Comments Disabled
The House farm bill would spend more than Obama on the most expensive farm program. Yes, you read that right.
President Obama hasn’t all of a sudden become a fiscal conservative, but even he evidently recognizes how out of hand the crop insurance program has become. When it comes to this most expensive  farm program, President Obama’s plan would spend less than the House farm bill.
When the House bill is to the left of Obama on the most expensive farm program, what does that say about the House farm bill?
Taxpayer-subsidized crop insurance costs are skyrocketing . From 2000 to 2006, crop insurance costs averaged $3.1 billion annually. The Congressional Budget Office has projected the costs will average about $9 billion annually from 2013-2022. That’s nearly triple the cost.
The rational response would be to take action that would reduce these costs. This unfortunately presumes that there’s anything rational about the House farm bill. While President Obama’s budget is projected  to reduce crop insurance costs by $11.7 billion from 2014-2023, the House farm bill is projected  to increase the costs by $8.9 billion during that same time.
Yes, fact is stranger than fiction—and a whole lot more expensive.
Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2013/06/19/house-farm-bill-spends-more-than-obama-on-most-expensive-farm-program/
URLs in this post:
 expensive: http://www.fas.org/sgp/crs/misc/R42484.pdf
 skyrocketing: http://www.gao.gov/assets/660/653604.pdf
 projected: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/ccs.pdf
 projected: http://www.cbo.gov/publication/44271
 Image: http://blog.heritage.org/wp-content/uploads/Cropinsurance-4.jpg
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