The new Farm Bill is set to come to a vote this afternoon. The bill was split between the farm subsidies (aka corporate welfare) portion and the food stamps portion. The portion that will be voted on is the farm subsidies portion. The CBO has released its budget figures on this bill and they’re a disappointment for fiscal conservatives.
The non-partisan Congressional Budget Office (CBO) on Thursday released a new score on the split farm bill.
CBO said that the bill would reduce the deficit by $12.9 billion over 10 years compared to current law.
This is far less than President Obama called for in his 2014 budget, which would cut $37.8 billion from farm subsidies. It is also about $1 billion less than the Senate gets from its farm program cuts.
The new farm bill, which no longer contains spending on food stamps, is coming to the House on Thursday afternoon.