Spending on farm programs by the U.S. Department of Agriculture is projected to increase $1 billion this year, according to the Congressional Budget Office. The CBO this week projected spending on farm programs to rise from $13 billion in 2015 to $14 billion in 2016, and then to $19 billion in 2017 and 2018. CBO projects farm program spending to then go back down to $16 billion in 2019 and down again to $15 billion per year until 2026. At the same time, payments under the Supplemental Nutrition Assistance Program, also known as SNAP or food stamps, would decline continually, then rise slightly, presumably due to population growth.
CBO did not say why the office projects agriculture spending would go up, but the increase likely stems from payments triggered by low commodity prices.
Source: NAFB News Service