Congressional Budget Office confirms this year’s Farm Bill will be the costliest
The Congressional Budget Office on Friday updated estimates for cost projections for the 2023 farm bill.
Agri-Pulse reports the increases are due to a decrease in estimates of some future market prices.
The new baseline now estimates that commodity program payments will total $66 billion through 2023. This includes livestock disaster aid, and significantly more than the $56.7 billion estimated in February, with the livestock portion alone being nearly doubled from the February estimate.
Corn growers are expected to receive the largest share of payments at $24.7 billion over ten years. This is an increase of roughly $600 million from the February forecast.
Click here to read CBO’s full report.