House votes today on universally despised farm bill
Today finds the House scrambling to pass its controversial version of the 2007 farm bill. And by controversial, we mean everyone hates it — Democrats, Republicans, and the White House. The $286 billion package, which contains about $42 billion in subsidies, ends subsidies to farmers with an income of over $1 million, down from $2.5 million. Some Democrats want to lower that cap further, and other Dems worry that the bill doesn’t contain enough funding for conservation and nutrition. Republicans are upset about a proposed tax on the American holdings of overseas ag companies, which would fund food stamps and other programs. And the White House has threatened a veto over the failure to reform the subsidy system. “There is something in this bill for everybody to like,” said Rep. Collin Peterson (D-Minn.), chair of the Agriculture Committee. “There’s probably something in this bill for everybody not to like, but it’s a step in the right direction.” The Senate will take up the debate in September.