Over Memorial Day weekend, President Joe Biden and House Speaker Kevin McCarthy (R-CA-20) struck a “tentative” deal intended to avoid a catastrophic default on the United States’ debt. In the days since the initial announcement, more details about the deal – now known as the Fiscal Responsibility Act of 2023, H.R. 3746 – have continued to emerge. As of posting, Congress is expected to pass H.R. 3746 without amendment before June 5, when the Treasury Department would have “insufficient resources to satisfy the government’s obligations.” In this post, NSAC examines several major components of the deal to better understand these impacts, including annual appropriations and the 2023 Farm Bill reauthorization. … Read More →
congressional budget office
Following the Money: A Look at the Billions Behind CBO’s Farm Bill Baseline
Every spring, CBO – Congress’s official budgetary scorekeeper – publishes its ten-year projection (or “baseline”) for government spending. CBO’s baseline covers everything funded by the federal government – including farm bill spending. Published most recently on May 12, 2023, CBO’s baseline will be adopted as the official baseline for the 2023 Farm Bill. In this post, NSAC digs into the latest CBO changes to the four largest funding items within the farm bill – Commodity (Title 1), Conservation (Title 2), the Supplemental Nutrition Assistance Program (SNAP, in Title 4), and Crop Insurance (Title 11). It also looks through the Inflation Reduction Act (IRA, PL 117-169) spending projections included in CBO’s most recent updates…. Read More →
Understanding the Billions Behind the CBO Farm Bill Baseline
Every spring, the Congressional Budget Office (CBO), Congress’s official budgetary scorekeeper, publishes its ten-year projection (baseline) for government spending. CBO’s baseline covers everything funded by the federal government – including farm bill spending. Published on April 9, 2018, CBO’s baseline will now be adopted as the official baseline for the 2018 Farm Bill. If the […]
CBO Report Provides Roadmap to Crop Insurance Modernization
In December, right before Christmas, the Congressional Budget Office (CBO) quietly released a bombshell report revealing what many agriculture policy analysts have long known – that modernizing the federal crop insurance program wouldn’t spell disaster, but rather savings and improvements. For example, the report found that by introducing a $50,000 cap on crop insurance premium […]
The Numbers Behind the Farm Bill: What the New CBO Baseline Means for the 2018 Farm Bill
Editor’s Note: This is the first of a four-part series of blog examining the funding outlook for the 2018 Farm Bill. In an effort to simplify the complex subject of farm bill funding, we will present these blogs in FAQ format. Part two of this series will answer questions related to agricultural spending in the […]