The 2023 Farm Bill will be the first in history to cost over $1 trillion. John Newton is the chief economist for the Senate Agriculture Committee and he spoke at a recent Agri-Pulse webinar on the state of the farm bill. Newton says a lot of the cost increase comes from more money for SNAP benefits.
Newton says that cost projections for SNAP changed greatly after two big changes were made by the Congressional Budget Office between February and May.
When it comes to conservation outlays, he says the CBO did make some modifications.
Lower commodity prices in the future will mean increased costs for risk management programs, says Newton.
That was John Newton, the chief economist of the Senate Ag Committee.