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1 1 (December 6, 2022)

handle is hein.amenin/aeiaemf0001 and id is 1 raw text is: Key Points s As Congress looks to reauthorize the farm bil. in 2023, leaders in the Senate From both parties have signaled a desire to stick to the status quo., includino maintaining an exten- 5ive system of farm subsidies. s Most farn subsidies flow to large, financially stable farms operated by wealthy farmers. In this report, we examine the impacts of several approaches to limiting subsidy pay- rnents to tfese farms. * None of these appr0saches to limiting payrnents affect the subasidies most farns receive, but all do provide significant reductions in program expenditures. The dust is gradially sertlin around the results of the 2n2z midterm elections. Now, the House and Senate Agriculture Committees are beginning to seriouslv consicer what will and will not be included in the 2023 Fanm Bill. One approach to reducing farm bill spending has regularly been considered over the past two decades but has not yet been implenTented. This approach is to limit or cap subsidy payents to individual farms or farm owners under the federal crop insur- ance program and other price and incone support programs. Despite claims to the contrary, mostly made by farm interest groups, nearly all the pro- posed payment iim it initiatives would afmet ly a few of the largest farns, but they would lead to sig- nificant cost savings for the federal government. Nevertheless, Sens. Debbie Stabenow (D-MT) and John Boozmarn (-ARY the chair and ranking member of the Senate Agri culture Conumittee, who will remain in their current roles in 2023, have already stated that they work closely together on farm bill issues! Further, they are likely to resist changes to the farm bill that reduce the level of support in the Senate from the overwhelminig bipartisan majority (86 votes for and only n against) that voted for the 2oS Fairn, Bill. Thus, on a bipartisan basis, the Sen-- ate Agriculture Committee leadership's preference is to sy the course with many farm bill programs and do no harm to the crop insurance program. These preferences include the continuation of cur- rent federal farm price and income supports and agricultural insurance programs to which payment limits would be applied. This approach is largely consistent with many farm lobbying groups' preferences. As Vincent Smith recently reported, most far- groups support the current heavily subsidized federal agricultural insurance program and want price and income

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