The President’s statement is here. Excerpt:
By increasing trade-distorting subsidies, the bill undermines our ability to open foreign markets to American agricultural goods. The bill creates an egregious new sugar subsidy program that will keep sugar prices high for domestic consumers, while making taxpayers subsidize a handful of sugar growers. These are just a few of the reasons why I cannot support this bill.
In the absence of a good farm bill, I call on Congress to extend current law for at least one year. The Administration’s reform-minded proposal would be preferable to current law, but in light of the bill produced by conferees an extension is now the better policy for American agriculture and American taxpayers. It is a far superior option than supporting a bill that increases farm subsidy rates, spends too much and fails to reform farm programs for the future.
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