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Correction: Federal dairy spending at $355 million

Contrary to a story in The Hagstrom Report on Tuesday, federal dairy spending is now much less than the nearly $1 billion at the height of the dairy crisis in 2009. Federal spending on dairy programs was $994 million in fiscal year 2009, but fell to $355 million in fiscal year 2010, according to the Congressional Budget Office.

CBO projects that total 10-year spending for FY 2012-21 will be $672 million. Projected annual net spending ranges from $176 million in FY 2012 to $48 million in FY 2021

If Congress adopts the National Milk Producers Federation’s “Foundation for the Future” program, spending is expected to be within the current dairy budget. National Milk CEO Jerry Kozak said in an interview with The Hagstrom Report that he expects the proposal to produce budget savings compared with current programs.