This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Farm Bill Could Hinge On Budget Talks

Senate Agriculture Chairwoman Debbie Stabenow, D-Mich., signaled her eagerness to pair the two bills with a statement Friday saying the farm bill's passage would be "a significant first step in meeting the critical deficit reduction challenges our country must face head-on this year."

Retiring Sen. Kent Conrad, D-N.D., said he has already started working on a compromise farm bill in an effort to move it alongside deficit reduction. Conrad, who chairs the Senate Budget Committee and sits on the Agriculture Committee, said he spent part of Congress' election recess consulting with Senate and House aides who worked on the legislation.

The House and Senate farm bills differ in how they address subsidies for farmers. But the biggest difference between the two versions is the amount cut from food stamps: The Democratic-led Senate's bill would cut $4 billion from the almost $800 billion program over 10 years; the GOP-led House's version would cut $16 billion.

Conrad said he has attempted to "take some sort of reasonable difference" between the House and Senate bills but would not provide details. He argues that next year's budget will be even worse and farm-state legislators will be forced to make even deeper cuts.

"Time is not on our side," he said. Next year's budget situation on farm programs will be "a big mess and it's infinitely better for everyone to get these decisions made now."

Farm groups are aggressively pushing a combination of the farm bill and the fiscal package, seeing the deficit reduction as the last, best vehicle to get the bill done this year.

"I think it's going to be very hard to get a farm bill done unless a decision is made very quickly to be part of a package," said Bob Stallman, president of the American Farm Bureau Federation.

Stallman said he thinks the bill can move very quickly once lawmakers find a compromise on the food stamp issue.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs