Patriotic American FlagThe Congressional Budget Office (CBO) estimate for USDA’s Commodity Credit Corporation spending authority falls way short of funding the Republicans’ farm bill proposals. The CBO forecast that the USDA’s use of its Section 5 authority under the CCC would total $12 billion from fiscal 2025 through 2034. This figure is far short of the $50 billion the House Agriculture Committee is counting on to fund commodity program increases in the farm bill.

The CBO also lowered its forecast of SNAP costs by $7 billion this year and $59 billion from 2025 to 2034.

Disaster payments to farmers and ranchers were dramatically increased. The USDA is now projected to provide slightly less than $20 billion in disaster aid from fiscal 2025 through 2034.

These projections were made against the backdrop of a forecasted $1.9 billion federal budget deficit in 2024. Federal debt is expected to total 99% of GDP this year and grow to 122% of GDP by 2034.

Both party’s farm bill proposals include language that allows farmers to enroll additional base acres in commodity programs. Land values and cash rents could be impacted. This is due to the new acreage being eligible for PLC and ARC payments.

Read more on the CBO’s cost estimates here.