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RCED-93-227R 1 (1993-09-01)

handle is hein.gao/gaobackkc0001 and id is 1 raw text is: G~o United States General Accounting Office Washington, D.C. 20548 Resources, Community, and liIliuE~h Economic Development Division B-254706 149863 September 1, 1993 The Honorable E (Kika) de la Garza Chairman, Committee on Agriculture House of Representatives Dear Mr. Chairman: As you requested, we analyzed several perspectives of the payment limitations governing the honey price support program administered by the U.S. Department of Agriculture (USDA). Under the current honey program, producers can obtain marketing loans from USDA, using their honey as collateral. Producers can then repay their loans at a rate lower than that at which the loan was made--thus receiving a marketing loan gain from USDA--or forfeit their honey to the government. Alternatively, producers can forgo the loans and receive a loan deficiency payment from USDA equal to the difference between the loan rate and the repayment rate. Specifically, this correspondence provides information on (1) the statutory provisions that apply to payment limitations for the honey program as compared with those of other farm commodity programs; (2) payments received by honey producers and associated loan forfeitures to USDA, for 1991 and 1992; (3) the potential for honey producers to reorganize their businesses in response to lower payment limitations; and (4) the potential impact on government costs if the payment limitation is set at zero dollars. In summary, -- The honey program is not subject to the statutory payment limitations--including the so-called three- entity rule--applicable to other farm commodity programs. Instead, the honey program legislation aims to limit payments to producers through an alternative means--by attributing benefits to individuals, whether GAOJRCED-93-227R, Honey Program 0692at7/1491'V 6S

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