U.S. Senate passed a $500 billion, five-year farm bill


(Reuters) - The Democratic-run U.S. Senate passed a $500 billion, five-year farm bill on Monday that expands a taxpayer-subsidized crop insurance program and rejects sweeping cuts in food stamps for the poor being pursued in the House of Representatives.

The bill passed easily, 66 to 27, and now goes to the Republican-controlled House.

It was the second time in a year that the Senate has sent a five-year farm bill to the Republican-led House, which let the bill die at the end of 2012.



Agricultural lobbyists and analysts said the Senate vote made a new farm law more likely but not certain this year.

Farm bills are panoramic legislation covering food aid, rural economic development, biofuels development and agricultural research along with crop subsidies, food stamps and conservation.




Federal spending on crop insurance would climb by 5 percent under the Senate bill and by 10 percent under the House bill. The government pays 62 cents of each $1 in crop insurance premium.

Seventeen insurance companies sell crop insurance. They range from independent companies to subsidiaries of companies such as Archer Daniels Midland, Deere and Co., Wells Fargo, Ace Group and Allianz.



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US Senate passes half-trillion dollar farm bill

AFP