On Tuesday, the Senate passed the Agriculture Improvement Act of 2018 (farm bill). The bill made its way through the House on Wednesday, and is headed to the Oval office. President Trump has indicated he will sign the bill. The Congressional Budget Office (CBO) scores the $867 billion farm bill as budget neutral.
Here’s the bill by the numbers:
$428 billion - the legislation will cost over the 2019-2023 period
$867 billion - the legislation will cost over 10 years (2019-2028)
$263 million – the increase in total payments under Title I (commodity programs) over 10 years
$6 million – the decrease in conservation program costs
$153 billion – the amount CBO estimates the option for farmers to pick whether they want to be in the Ag Risk Coverage (ARC) or Price Loss Coverage (PLC) program starting with the 2021 crop year would boost expenses, over 10 years.
$137 million – the increase in costs due to changes made to the PLC program compared to the baseline
$186 million – the amount ARC expenses are expected to fall
$136 billion – the increased costs due to modified loan rates
$123 million – the increase in expenses as a result of allowing farmers to participate in the Dairy Risk Management and Livestock Gross Margin insurance program on the same production
$12.4 billion – the amount Conservation Stewardship Program changes would reduce costs, over 10 years
$8.45 billion – increased expenses over 10 years due to changes to the Environmental Quality Incentives Program