SNAP outlays to surge by 18 percent this year — CBO
Federal spending on food stamps will rise by $24 billion this fiscal year, largely due to USDA's recalculation of the cost of a nutritious diet, said the Congressional Budget Office in a budget outlook that makes projections about the state of the federal budget and economy through 2032. The 18 percent increase in outlays would boost the cost of SNAP to $159 billion.
Big coronavirus increases in SNAP and farm spending
The food stamp program will cost $145 billion this year, more than double its pre-pandemic total, due to expansion to combat the pandemic, estimated the CBO in updating its budget outlook. Mandatory agricultural spending was forecast at $48 billion this year, an increase of $17 billion from 2020.
‘Big crops, low prices,’ for a long time ahead, says CBO
Farm-gate prices for corn and soybeans, the two most widely grown crops in the United States, are stuck in a rut for years to come, said the CBO on Monday in its long-term budget outlook. Farmers will grow near-record corn crops to generate revenue while slowly working down a soybean …
SNAP enrollment declining to pre-recession levels
Some 38.6 million Americans were enrolled in SNAP at latest count, down by one-fifth from the peak of 47.6 million during fiscal 2013 and the slow recovery from the Great Recession. Enrollment will drop further, to 32 million people, during the coming decade, estimated the CBO in its budget …
CBO: Stable SNAP costs in coming years
The cost of the food stamp program spiked at $80 billion in 2013 during the slow recovery from the 2008-09 recession, fueling calls for changes in the program. In its updated budget baseline, the CBO says SNAP costs could dip to $65 billion in the near future due to falling enrollment.
Tax cuts may come back to bite farm subsidies, says NFU
The second-largest U.S. farm group says the mammoth tax cut now pending in Congress could force cuts in farm subsidies, or possibly wipe them out, because of "pay-as-you-go" law. "That would be a disastrous trade," said president Roger Johnson of the National Farmers Union, taking a more skeptical view than many farm leaders of the impact of the proposed $1.5 trillion in cuts and associated changes to tax brackets and deductions.
As crop prices sink, farm subsidies soar
The government faces three high-cost years for farm subsidies, beginning with $5.8 billion for this year, says the Congressional Budget Office, as low commodity prices drive up the cost of programs that stabilize crop revenue. In its latest budget baseline, CBO forecasts crop subsidies will cost a total of $22 billion for fiscal 2016, 2017 and 2018. That's a 9 percent increase from the estimate it made a year ago of $20.1 billion for the period.
Sticker shock in southern Plains, mid-South for SCO
Growers in the southern Plains and the mid-South express sticker shock at the price of the new Supplemental Coverage Option (SCO), created by the 2014 farm law to allow growers to boost their level of revenue protection, says DTN.
Slow rise in child nutrition costs, food stamp rolls shrink
The U.S. child nutrition program, due for renewal this year by Congress, will rise in cost by 4 percent annually for the coming decade from the current $21 billion, says CBO. In its annual economic baseline report, CBO says "growth in the number of meals provided and in reimbursement rates will lead to spending increases" for a total cost of $32 billion in 2025. Food prices are projected to rise by 2.7 percent annually in the coming years, a fairly normal rate of food inflation.
In low-price era, farmers spurn new USDA revenue plan-CBO
With years of low commodity prices ahead, U.S. corn and wheat growers will stick to traditional crop subsidies, forecasts the Congressional Budget Office. In its annual economic forecast, CBO estimates only 37.5 percent of corn land and 28 percent of wheat land will be enrolled in the new Agriculture Risk Coverage subsidy offered by the 2014 farm law; the bulk will be put into the Price Loss Coverage program, which has the familiar structure of price guarantees.
Lower corn, soy and wheat prices for 2015 crops?
Analysts at the Congressional Budget Office are penciling lower prices for corn, wheat and soybeans into their budget assumptions, according to documents that circulated among commodity traders. The preliminary estimates are prepared for consultations with other agencies and will be refined in coming weeks.
Meeting biofuel mandate “will be challenging,” says CBO
The Congressional Budget Office says, "In the future, meeting (biofuels) mandates will be challenging" because of the so-called blend wall at the traditional blend of 10 percent ethanol and 90 percent gasoline and because of the slow development of...
Farmers will shy away from new revenue subsidy
U.S. farmers will stick with traditional crop subsidies based on crop prices and shy away from the crop revenue subsidy created in the new farm law, says the Congressional Budget Office.
New York, Connecticut move to avoid food stamp losses
The governors of Connecticut and New York state say they will put more money into a program that helps poor people pay utility bills so they won't see a reduction in food stamp benefits.
Food stamp enrollment may be plateauing
Enrollment in the food stamp program rose by 2 pct in fiscal 2013, the slowest growth since fiscal 2007, says the Daily Yonder in reviewing a USDA report on public nutrition programs.