WASHINGTON, DC – Last week, the Congressional Budget Office (CBO) released projections on expected spending for farm programs for the 10-year baseline.
These projections are akin to setting the line of scrimmage in football by determining how far legislators can go when reaching a final bill.
CBO’s most recent Baseline for Farm Programs identifies expected outlays for farm program spending, assuming existing programs continue without changes, and indicates program spending available to Congress as crafting the 2023 farm bill kicks into a higher gear.
According to Danny Munch, Economist with the American Farm Bureau Federation (AFBF), farm bill math creates a few possible scenarios whereby the next farm bill could be required to be budget neutral, meaning any increase in spending in one part of the bill would require a decrease in spending elsewhere in the bill.
Depending on negotiations between the Budget and Agriculture committees, the new farm bill could require an overall net reduction or a decision to increase spending.
(SOURCE: All Ag News)