Latest insurance news report shows crop subsidy cap could create $1 billion in annual savings

Crop Insurance cuts

Crop insurance news update The latest Congressional auditors insurance news report, which is set to be released on April 19, 2012, will show that if there is a reduction in the subsidies given to large farms to pay for most of their crop coverage, the federal government would see an annual savings of approximately $1 billion. This report suggested that the government could cap the maximum amount to be paid to farmers every year through this subsidy at $40,000, in a similar way to the caps made by the government…

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Lawmakers clash with Obama administration over the matter of crop insurance

Federal legislators representing various agriculture committees in Congress have rejected the cuts to crop insurance President Obama unveiled in his budget plan this week. The plan looks to cut $8 billion in funding for crop insurance throughout the country. Legislators claim that this would be a major blow to many farmers, especially those in areas that are prone to seeing natural disasters. The Obama administration is keen to make cuts to crop insurance because it claims that some farmers are abusing the system, as they will be paid for their…

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Agriculture groups seek more protections against severe weather with insurance safety net

Extreme weather is presenting a unique and complicated problem to the nation’s farmers. With many decrying climate change as a scientific impossibility, famers have been left handling the issue of uncommonly severe weather without a place to put the blame. In fact, most farmers do not even mention climate change when discussing the issue, focusing their concerns more on the protection of their crops and mitigating any losses they experience. This has led to a rampant increase in demand for crop insurance throughout the nation. Crop insurance can help farmers…

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