On Wednesday, President Obama signed into law the "Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2010." This law provides FY 2010 appropriations for the Department of Agriculture, the Department of Health and Human Services, and other related agencies.
Even though USDA is now funded for the coming fiscal year, agriculture is expected to be the target of a knife-wielding Congress when it tries to trim the federal deficit – now set at some $1.42 trillion. A lot of that debt is owned to China, Japan and Great Britain.
In a bill designed to slash the deficit, Senator Russ Feingold, D-Wisc., proposes to reform irrigation subsidies; reform crop insurance subsidies; reduce direct payments to large landowners; cut farm subsidies for high-income individuals; eliminate the cotton storage subsides and end subsidized grazing fees.