BLOOMBERG
By Alan Bjerga & Derek Wallbank -
Jul 11, 2013 3:54 PM CT
The plan was approved today 216-208, with all Democrats and 12 Republicans in opposition. The measure also would repeal underlying provisions that potentially would double milk prices when a new law isn’t passed. The measure, scaled back after the House defeated a bill that included food stamps three weeks ago, is “extremely flawed,” said Senator Debbie Stabenow, chairwoman of the Senate Agriculture Committee.
The legislation, which benefits crop buyers such as Archer-Daniels-Midland Co. (ADM) and insurers including Wells Fargo & Co. (WFC), has been working through Congress for almost two years. The Senate on June 10 passed S. 954, a plan that would cost $955 billion over a decade. Current law begins to expire Sept. 30.
The Obama administration has threatened to veto the farm measure that excludes food stamp and nutrition programs.
Action Stymied
House action has been stymied largely by disagreements on food stamps. The legislation rejected last month, H.R. 1947, would cut spending on the Supplemental Nutrition Assistance Program, responsible for more than three-quarters of the bill’s costs, by about 2.5 percent, roughly $2 billion a year. Democrats who balked at the reductions joined Republicans objecting to the plan’s cost to scuttle the bill. Republican leaders revived the measure in scaled-back form.The stripped-down plan gained support from Republicans willing to deal with food stamps later. “It’s not a secret I am not a fan of the farm bill,” said Representative Jeb Hensarling, a Texas Republican who opposed the June version and supported the bill today. “I’ve learned around here that you rarely get to vote for success but you can vote for progress.”
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