Senators Chuck Grassley (R-Iowa) and Tim Johnson (D-S.D.) have requested that the deficit reduction committee include their legislation that places a hard cap on farm payments at $250,000 per married couple or $125,000 per individual, saying it would save more than $1.5 billion.Grassley and Johnson introduced the legislation on June 9, 2011. The bill caps direct payments at $40,000; counter-cyclical payments at $60,000; and marketing loan gains, loan deficiency payments, and commodity certificates to $150,000.
Grassley stated that, "our bill maintains the much needed safety net for farmers so we are assured that the American people will have a safe, abundant and inexpensive food supply. It also closes loopholes that have reduced urban support for the Farm Bill. This is an easy way to save some additional funds in what's a very difficult task."
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Posted 10/19/2011
