Trump to Farmers: ‘LOVE YOU!’ But I Still Want to Cut Your Subsidies
President Donald Trump’s “I LOVE YOU!” tweet to farmers is facing another challenge: Budget cuts that will slash subsidies for crop insurance and small growers, report Mario Parker and Alexandra Semenova on Bloomberg.com.
Trump’s 2020 budget, released Monday, calls for a 15 percent funding drop for the Department of Agriculture, citing “overly generous” subsidies. The president is seeking one of the largest-ever cuts to domestic discretionary spending in a $4.7 trillion fiscal 2020 budget proposal that also boosts defense spending and adds $8.6 billion for building a border wall.
The plan would trim the USDA budget by $3.6 billion to $20.8 billion, lowering subsidies for crop insurance premiums to 48 percent from 62 percent, and limiting subsidies for growers who make less than $500,000 annually.