Date of this Version
Cornhusker Economics (April 10, 2013)
When Congress passed fiscal cliff legislation on New Year’s Day to address expiring tax legislation and pending budget sequestration, they also extended expired farm programs from the 2008 Farm Bill for one more year. That immediately affected dairy support programs, which were due to revert on January 1 to permanent legislation and support levels authorized in the last “permanent” Farm Bill of 1949. But, it also affected crop support programs for the 2013 crop, and extended authority for the current commodity supports known as the Average Crop Revenue Election (ACRE) Program, the Counter-Cyclical Payment (CCP) Program, the Direct Payment (DP) Program and the Non-Recourse Marketing Assistance Loan (ML) Program.