Credit: Heritage Foundation
The House is expected to take up its farm bill this week. As it does, legislators should bear in mind the excessive costs of the bill. The Congressional Budget Office (CBO) projected the last farm bill, in 2008, to cost $604 billion. The new House farm bill is projected to cost a whopping $940 billion. This is 56 percent more than the 2008 farm bill. If this wasn’t bad enough, the actual costs will likely be much greater, just like the actual costs of the 2008 bill.
When there’s record-high debt, cutting costs should be a priority. Unfortunately, the current version of the House bill is fiscally irresponsible. House members shouldn’t forget the needs of taxpayers who would be footing the bill.