Shaheen, Toomey introduce bill to cut crop insurance
February 04, 2015 |06:00 AM
As the crop insurance industry gathers for its annual meeting this week in Bonita Springs, Fla., Sens. Jeanne Shaheen, D-N.H., and Pat Toomey, R-Pa., on Tuesday introduced a bill to cap crop insurance premium subsidies at $50,000.
The two senators said the Congressional Budget Office estimates the measure would reduce the deficit by about $2.2 billion over 10 years.
“Taxpayers shouldn’t be footing the bill for a crop insurance program that benefits large companies that don’t need it,” Shaheen said.
“Crop insurance subsidies for big businesses are an example of egregious government spending that we can do without,” she said.
“We are proposing a common-sense reform that will save taxpayers billions of dollars, and we ought to act on this bipartisan proposal immediately.”
“There’s no reason why the federal government should be spending more than $1 million, in some cases, to subsidize insurance policies for large agri-businesses,” Toomey said.
“Since 2000, total federal spending has more than doubled, this open-ended entitlement needs to be reined in. Washington needs to work to bring our deficit under control, and this legislation offers us the opportunity to save about $2.2 billion and make common-sense reforms to a bloated crony-capitalist program.”
The Environmental Working Group praised the senators for introducing the bill.
“The proposed cap would affect only 2.5 percent of farmers,” said EWG Vice President for Government Affairs Scott Faber. “Furthermore, the Government Accountability Office has said that such reforms will not affect program participation.”
The two senators said the Congressional Budget Office estimates the measure would reduce the deficit by about $2.2 billion over 10 years.
“Taxpayers shouldn’t be footing the bill for a crop insurance program that benefits large companies that don’t need it,” Shaheen said.
“Crop insurance subsidies for big businesses are an example of egregious government spending that we can do without,” she said.
“We are proposing a common-sense reform that will save taxpayers billions of dollars, and we ought to act on this bipartisan proposal immediately.”
“There’s no reason why the federal government should be spending more than $1 million, in some cases, to subsidize insurance policies for large agri-businesses,” Toomey said.
“Since 2000, total federal spending has more than doubled, this open-ended entitlement needs to be reined in. Washington needs to work to bring our deficit under control, and this legislation offers us the opportunity to save about $2.2 billion and make common-sense reforms to a bloated crony-capitalist program.”
The Environmental Working Group praised the senators for introducing the bill.
“The proposed cap would affect only 2.5 percent of farmers,” said EWG Vice President for Government Affairs Scott Faber. “Furthermore, the Government Accountability Office has said that such reforms will not affect program participation.”
