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Senate Poised to Vote on Farm Bill Passed by House

The U.S. Senate is poised to pass a compromise Farm Bill that was approved last week in the House. On Wednesday, Jan. 29, the House voted 251-166 to approve the 5-year Farm Bill, authorizing nearly $1 trillion in spending on farm subsidies and nutrition programs...
February 4, 2014

The U.S. Senate is poised to pass a compromise Farm Bill that was approved last week in the House. On Wednesday Jan. 29, the House voted 251-166 to approve the 5-year Farm Bill, authorizing nearly $1 trillion in spending on farm subsidies and nutrition programs. Negotiators from the House and Senate spent several weeks working out their differences on issues in the legislation, including cuts to food stamps, income caps on farm subsidies and a price support program for dairy farmers. The bill is expected to save about $16.6 billion over the next 10 years.

PIA met with House and Senate offices throughout the process to ensure that crop insurance would not sustain any further cuts and that the legislation would continue to strengthen the program. In the final bill, funding for crop insurance has been increased. The best news for agents and companies is that the Administrative and Operating (A&O) and underwriting gains are “budget neutral,” which means the USDA cannot cut these areas in future standard reinsurance agreement (SRA) negotiations without putting equal budget dollars back into the crop program. It specifically locks in the A&O at current levels ($1.4 billion).

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