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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.

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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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