WASHINGTON (Reuters) – Some 90,000 people living in U.S. cities pocketed $394 million in U.S. farm subsidies last year, an environmental group said on Thursday, questioning why absentee owners and investors deserve the cash.
The Environmental Working Group released the data just before a Senate committee review of Agriculture Department spending and while lawmakers try to rein in federal spending.
WASHINGTON, June 23 (Reuters) – Some 90,000 people living
in U.S. cities pocketed $394 million in U.S. farm subsidies
last year, an environmental group said on Thursday, questioning
why absentee owners and investors deserve the cash.
The Environmental Working Group released the data just
before a Senate committee review of Agriculture Department
spending and while lawmakers try to rein in federal spending.
WASHINGTON (Reuters) – A Republican-controlled committee in the House of Representatives voted on Wednesday for an 18-month delay of regulations intended to reduce risk in the vast over-the-counter derivatives market in response to the financial crisis.
The delay may be passed by the House but has little chance of becoming law. There is no similar Senate bill and futures regulators say they do not need the additional time.
WASHINGTON (Reuters) – Programs that help poor mothers buy food and that share the cost of land stewardship would be cut under government-wide reductions unveiled on Tuesday.
The cuts are part of an agreement that averted a government shutdown. Lawmakers were to vote on the $28 billion package this week.
WASHINGTON (Reuters) – Reform of biofuel subsidies that cost $6 billion a year could hitch-hike its way to enactment on a must-pass spending bill, leaders of two ethanol trade groups said on Monday.
They said the industry generally agrees on reforms that would replace the 45-cent-a-gallon tax credit that is the major incentive to produce corn-based ethanol, the major biofuel now being produced.
WASHINGTON, April 5 (Reuters) – The House Budget Committee
Chairman proposed to slash farm spending by $30 billion over 10
years in a package unveiled on Tuesday as part of his
controversial plan to tackle the giant federal budget deficit.
Wisconsin Republican Paul Ryan called for a reduction in
the $5 billion-a-year in “direct payments” made to growers each
year regardless of need. The payments are based on past
production of grain, cotton and soybeans.
WASHINGTON, March 31 (Reuters) – U.S. farmers say they will
plant some of the biggest corn and soybean crops ever this
spring, racing to keep pace with unrelenting global demand
that’s rapidly depleting stockpiles and driving up food costs.
A government survey found corn plantings would be the
second-largest since World War Two and soybeans the third
highest ever. But traders focused on a companion report that
showed unexpectedly small stockpiles, sending corn prices up by
4.5 percent, hitting the 30-cent daily limit for price swings.
WASHINGTON (Reuters) – Farmers will be hard-pressed to replenish rapidly shrinking U.S. grain stocks this year, despite plans to sow the most land to corn since World War Two and near-record acreage to soybeans, according to the latest data from the U.S. government on Thursday.
Tight supplies would keep crop prices at high levels.
This year’s spring planting season in the world’s biggest crop exporter is being watched more closely than ever by countries fearful that further increases in already record-high food prices could stoke unrest.
WASHINGTON (Reuters) – U.S. ethanol makers are working on reforms to replace a 45-cent a gallon tax break that expires this year, said the No. 1 maker on Wednesday, which could help the United State reduce its dependence on crude oil imports.
Tax credits for corn-based ethanol and biodiesel cost around $6 billion a year. The excise tax credits, and an accompanying tariff on ethanol imports, are set to die on December 31. The Senate may vote this week on a proposal to kill them immediately.
WASHINGTON (Reuters) – The chairman of the U.S. futures regulator told lawmakers he was sympathetic to their efforts to rein in spending, but warned it would be a mistake to withhold funding from the agency and could put billions of taxpayer dollars at risk.
The U.S. Commodity Futures Trading Commission is writing dozens of regulations to implement the Dodd-Frank law, which was enacted last July and gives the agency oversight of the $600 trillion global swaps market. Most rules have not been finalized.