financetom
Business
financetom
/
Business
/
US House committee advances farm bill draft with little support from Democrats
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US House committee advances farm bill draft with little support from Democrats
May 24, 2024 4:42 AM

(Reuters) - The Republican-led U.S. House of Representatives Agriculture Committee passed its version of a $1.5 trillion farm spending bill late Thursday night with few Democratic votes, prolonging a standoff between the parties over key nutrition, agriculture, and climate policies.

WHY IT'S IMPORTANT

Congress failed in 2023 to pass a new farm bill, an omnibus legislative package passed every five years.

The House bill would have to be reconciled with a Senate bill led by Democrats and without strong bipartisan support, the House version has a slim chance of becoming law.

Further delay of a new farm bill could create uncertainty for farmers and people relying on food aid, Agriculture Secretary Tom Vilsack warned on a Wednesday press call.

Federal hunger aid for the poor like the Supplemental Nutrition Assistance Program (SNAP) and farm programs are currently operating under a one-year extension of the 2018 farm bill passed last September.

CONTEXT

The House bill - which passed out of the committee 33-21 with 4 Democratic votes - expands farm commodity supports, shrinks SNAP funding, and reallocates nearly $20 billion from the Inflation Reduction Act intended for climate-smart farm practices.

House Agriculture Committee chair Glenn "GT" Thompson said at the Thursday committee meeting that the bill "bolsters every aspect of American agriculture."

Democrats in the House and Senate have said cuts to food aid and reallocating the climate funds are red lines in negotiations.

"This bill is misguided, and in some aspects, it is mean-spirited," said the committee's top Democrat, David Scott.

Farm commodity groups have expressed support for the House bill, while environmental and hunger groups have opposed it.

KEY QUOTE

"Despite areas of common ground, it is now clear that key parts of the House bill split the Farm Bill coalition in a way that makes it impossible to achieve the votes to become law," said Senate Agriculture Committee chair Debbie Stabenow, a Democrat, in a statement on the bill's passage.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Singapore's Temasek to revamp structure to sharpen investment focus, CEO says
Singapore's Temasek to revamp structure to sharpen investment focus, CEO says
Aug 28, 2025
* Temasek establishing three new wholly owned units * New structure to take effect from April 1, 2026 * Returns above 7% cost of capital would be 'good outcome', CEO says (Updates with more quotes from CEO, context and background throughout) By Yantoultra Ngui SINGAPORE, Aug 28 (Reuters) - Singapore's state-owned investor Temasek unveiled its biggest overhaul plan in more...
CrowdStrike falls as tech outage effects weigh on forecast
CrowdStrike falls as tech outage effects weigh on forecast
Aug 28, 2025
(Reuters) -CrowdStrike shares fell about 3% before the bell on Thursday after the cybersecurity firm's weak quarterly revenue forecast signaled the lasting effects of a botched update last year that caused a global outage. The company projected third-quarter sales broadly in line with analysts' expectations as incentive programs and discounts tied to the outage weigh on the timing of subscription...
Specialty building products distributor GMS Q1 sales beat estimates
Specialty building products distributor GMS Q1 sales beat estimates
Aug 28, 2025
Overview * GMS fiscal Q1 net sales beat analyst expectations, reaching $1.41 bln, per LSEG data * Pretax profit for fiscal Q1 missed analyst estimates, per LSEG data * Adjusted EBITDA margin decreased to 9.6% from 10.1% last year Result Drivers * WALLBOARD DECLINE - Wallboard net sales fell 5.4%, with wallboard organic sales down 6.8% * CEILINGS GROWTH -...
Westgold Resources FY2025 Earnings per Share Drops, Declares Dividend, to Launch Share Buyback
Westgold Resources FY2025 Earnings per Share Drops, Declares Dividend, to Launch Share Buyback
Aug 28, 2025
06:17 AM EDT, 08/28/2025 (MT Newswires) -- Westgold Resources ( WGXRF ) late on Wednesday reported a drop in earnings per share in fiscal 2025 despite a 90% increase in revenue. Earnings per share was $3.85, declining from $20.11. Revenue was $1.36 billion, an increase from $716 million. Adjusted EBITDA also rose to $498 million from $271 million. Gold sales...
Copyright 2023-2026 - www.financetom.com All Rights Reserved