Congress and the GOP-backed farm aid package.(Brief Article)

Kiplinger Agriculture Letter, The, January, 2003

Congress will OK the $3.1-billion GOP-backed farm aid package proposed by new Senate Ag Committee Chairman Thad Cochran (R-MS).

Money is targeted for farmers with weather-related losses... specifically, those who operate in counties declared disaster areas by USDA and those whose crops were destroyed in 2001 and 2002.

Expect plenty of bickering over the offsets because the funds will come from cutting $6 billion from various other spending programs.

Some details of what the emergency package is likely to provide:

Money for crop farmers equaling about 42% of direct payments they will receive under the 2002 farm bill. Producers must agree to buy at least catastrophic risk insurance coverage to be eligible for aid.

$250 million...

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