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Farm subsidies to leap on $9.8 billion in trade aid

Government payments to farmers are forecast to hit their highest level in more than a decade because of the trade assistance being provided to producers this year, and the total could go even higher if Congress, as expected, authorizes a new round of disaster aid. The Trump administration's temporary Market Facilitation Program, launched last fall to compensate farmers for lost exports of soybeans and other crops due to retaliatory tariffs, will pay out $9.8 billion in fiscal 2019, according to the Congressional Budget Office's latest projection of farm program costs. The $17.2 billion in total farm program spending that CBO estimates for FY19 doesn’t include additional disaster assistance that Congress is considering for producers harmed by hurricanes and wildfires in 2018. A bill passed by the House would authorize $3 billion in agricultural disaster aid. 

 

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Agri-Pulse