New deficit plan cuts $10B in Minnesota farm subsidies

The plan will also cut federal contributions to crop insurance programs and land conservation programs. Obama has proposed a total of $3 trillion in deficit reduction.
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The plan will also cut federal contributions to crop insurance programs and land conservation programs. Obama has proposed a total of $3 trillion in deficit reduction.

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Farmers may lose federal subsidies in favor of beefed up insurance

Lawmakers are looking to cut costs in the new farm bill. Minnesota Congressman Collin Peterson says much of the savings will come from replacing direct subsidies with an insurance program. The crop insurance will subsidize farm income if commodity prices fall below certain levels.

A smaller crop of farming subsidies

Federal funding may soon drop for Minnesota farmers. Lawmakers in Washington are close to a deal that would reduce agricultural subsidies nationwide. The proposal would save $23 billion dollars over 10 years.

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Students at Minnesota's state colleges and universities say they'd lose $76 million in aid if proposed cuts in the Pell Grant program are enacted. They're petitioning the Congressional delegation to reject the cuts, which they say would push students deeper into debt.

Minnesota to give up $1B in tobacco bonds to plug budget deficit

The state government will only get about half of that sum by asking for the money now in order to temporarily plug the state's budget deficit. Gov. Mark Dayton and lawmakers voted to borrow against the tobacco money in order to avoid tax increases and additional spending cuts.

Report: Bachmann family farm benefits from subsidies

The Star Tribune reports the Wisconsin farm has received hundreds of thousands of dollars in subsidies over the years. Those subsidies have also helped build the value of the property to about $4 million.

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