Serbia’s budget deficit widened to 94.07 billion dinars ($1.24 billion) in the first eight months of the year, as government spending exceeded a plan with payment of farming subsidies, the Finance Ministry said.
The U.S. House passed and sent the Senate a much-delayed bill to set agricultural policy for five years, as rural Republicans and urban Democrats overcame objections about farm subsidies and food-stamp cuts.
An extension of U.S. agriculture subsidies to late January was rebuffed yesterday by Senate Democrats, who said they won’t pass any House plan for temporary funding before Congress breaks for the holidays.
The European Commission is drafting a plan to cap the subsidy for any single farmer at 300,000 euros ($425,000) a year from 2014, the Financial Times reported, citing an unidentified commission official.
U.S. farm subsidies topped $ 15.4 billion last year, according to the Environmental Working Group, which says the payments are too costly and more of the funds should be used to promote green agricultural practices.