Senate passes $1 trillion farm bill

The bill would cut farmer subsidies while increasing contributions to a crop insurance program.

Purdue economist: US unlikely to dominate future corn exports

The Senate passed a $955 billion, five-year farm bill on Monday. Around $760 billion of that would go the Supplemental Nutrition Assistance Program (SNAP), which represents a small cut from previous levels but less than the $17.4 billion shaved by the proposed House of Representatives version. The Senate’s bill would also eliminate farmer subsidies while increasing government contributions to the crop insurance program by $5 billion to $12 billion per year. Overall, the bill would save about $2.4 billion annually, including across-the-board cuts that took place earlier this year. House Speaker John Boehner expects his chamber to take up its version of the bill this month.

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