The House Agriculture Committee canceled tentative plans to draft a new farm bill after its top Democrat sought a commitment that the legislation will be considered by the full chamber, according to committee leaders.
The House Agriculture Committee’s top Democrat criticized Republican leaders for failing to schedule a vote on a new farm-policy bill, saying time to pass the measure before the current law expires is “running out.”
Farm-state lawmakers in the House have conceded they probably won’t be able to attach a long-term extension of U.S. farm policy to any deal to avert tax increases and budget cuts set to take effect in the new year, and will now go back to the drawing board.
Growers of corn, cotton and other crops may have to accept reduced subsidies in the next farm bill as budget-cutting becomes necessary to contain record deficits, House Agriculture Committee Chairman Collin Peterson said.
The House Agriculture Committee will go back to the drawing board on the farm bill in the next Congress, after unsuccessful efforts to include the legislation in any deal to avert more than $600 billion in tax increases and spending cuts set to trigger on Jan. 1.
The U.S. Commodity Futures Trading Commission would face limits on its ability to impose rules on derivatives traded overseas and on manufacturers that use swaps to hedge business risks under bipartisan congressional legislation curbing the scope of the agency’s powers.