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Budget Issues Shaping a Farm Bill in 2013 (Paperback)
Loot Price: R353
Discovery Miles 3 530
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Budget Issues Shaping a Farm Bill in 2013 (Paperback)
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Loot Price R353
Discovery Miles 3 530
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The desire by many to redesign farm policy and reallocate the
remaining farm bill baseline-in a sequestration and deficit
reduction environment-is driving much of the farm bill debate this
year. Several high-profile congressional and Administration
proposals for deficit reduction have specifically targeted
agricultural programs with mandatory funding. The political
dynamics of sequestration and broader deficit reduction goals leave
open difficult questions about how much and when the farm bill
baseline may be reduced. In this context, Congress faces difficult
choices about how much total support to provide for agriculture,
and how to allocate that support among competing constituencies.
Funding to write the next farm bill is based on Congressional
Budget Office (CBO) baseline projections of the cost of farm bill
programs, and on varying budgetary assumptions about whether
programs will continue. The CBO baseline is an estimation
(projection) at a particular point in time of what federal spending
on mandatory programs likely would be under current law. In May
2013, CBO projected that the current farm bill programs, if they
were to continue beyond the 2008 farm bill, would cost $973 billion
over the next 10 years (FY2014-FY2023). This baseline estimate
already has been reduced by $6.4 billion over the same period
because of the sequestration ordered on March 1, 2013. When new
bills are proposed that affect mandatory spending, their impact (or
"score") is measured as a difference from the baseline. This
baseline and scoring process sets the mandatory budget for
considering a new farm bill. The Senate-reported farm bill, S. 954,
would reduce spending by $17.9 billion (-1.8%); and the
House-reported bill, H.R. 1947, would reduce it by $33.4 billion
(-3.4%). CBO noted that if sequestration was repealed and the
baseline was increased by the $6.4 billion adjustment that has been
taken, then the farm bill proposals would reduce spending by $24
billion (Senate) and $40 billion (House) over the next 10 years.
Moreover, some popular 2008 farm bill programs do not have a
baseline to continue, and will require additional budgetary offsets
if they are included in a new farm bill.
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