(Mario Parker & Alexandra Semenova – Bloomberg)
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.
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.
In December, the president tweeted, “Farmers, I LOVE YOU!” On Monday, the National Farmers Union criticized the White House budget proposal, saying, “It’s time the president’s policy proposals and rhetoric acknowledge the financial pain in farm country.” Click here to read more.