Following the release of the Congressional Budget Office's updated baseline projections, Glenn "GT" Thompson, Chairman of the House Committee on Agriculture, issued the following statement:
“Today’s CBO baseline release underscores what I have been consistently hearing from producers across the country—in light of record high input costs and volatile markets and weather, improvements to farm policy are warranted.
"Additionally, the roughly 80 percent increase to the baseline for nutrition programs since the last Farm Bill was enacted—namely due to the Biden Administration’s careless update to the Thrifty Food Plan—furthers the Committee’s obligation to oversight and accountability.
"The Committee will continue its assessment of the programs under our jurisdiction as we seek to craft a Farm Bill that meets the needs of our nation and revitalizes rural America.”
BACKGROUND
A House Committee on Agriculture analysis of today’s CBO estimates indicate that, compared to anticipated mandatory spending under the 2018 Farm Bill, commodity program support is expected to decrease by 12 percent, while spending on conservation, nutrition, and federal crop insurance are projected to increase by 19 percent, 82 percent, and 26 percent, respectively.
The Overall Budget and Economic Outlook (including the Supplemental Nutrition Assistance Program) can be found here.
The breakout of select USDA mandatory programs (including commodity policy, conservation, and crop insurance) can be found here.
