The Office of Management and Budget released the Presidential Budget for Fiscal Year 2021. The White House is proposing many of the same budget cuts the administration sought in the past. The proposal takes a whack out of the federal crop insurance program with the premium subsidy dropping from 62 percent to 48 percent. A coalition of crop insurance professionals issued a joint statement, saying the proposed cuts would make crop insurance “unaffordable and unavailable for farmers.” The budget also seeks tighter payment limitations, capping payments for people with adjusted gross income of $500,000 or lower. That threshold is now at $900,000. North Dakota Senator Kevin Cramer supports the Trump Administration’s plan to address federal spending, but said the cuts to agriculture are “disproportionate.” Here is the proposal.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.