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Govt to curb farm expenditure in next five years

03
Feb '07
Bush administration has planned to cut down agricultural sending by US $18 billion in next five year, leading to loss of subsides for thousands of richest farmers.

The new bill would protect farm income, curb crop prices and ensure stability in economy.

The farmers earning more than $200,000 a year in adjusted gross income will not be eligible for subsidy.

This provision is expected to affect 75,000 farmers of total 700,000 farmers availing benefit of farm payment.

This proposal would push direct payments to farmers to $5.5 billion, an increase of 10 percent, over 10 year.

With implementation of this provision, conservation financing is expected to increase.

According US Agriculture Department, out of total farms, nine percent of it collects 54 percent of Government commodity payments.

More information here.


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