Policy Backgrounders

2024 Farm Bill: Prospects for Passage

May 24, 2024

Trusted Insights for What’s Ahead™

Congressional negotiations for the $1.5 trillion reauthorization of agriculture and nutrition programs (the “farm bill”) are underway. The House and Senate remain far apart on key issues including increases in nutrition benefits, climate-related conservation programs, and the Commodity Credit Corporation’s (CCC) discretionary authority to borrow from the Treasury to implement commodity supports.

• The current farm bill was enacted in 2018 and extended for one year until September 30, 2024. The farm bill funds major agricultural and nutrition programs, including the Supplemental Nutrition Assistance Program (SNAP), the Federal Crop Insurance Program, commodity support programs, and incentive-based conservation programs.
• The House Committee on Agriculture’s draft text includes increases to statutory reference prices for commodity support programs and an expansion of premium supports for crop insurance. To pay for these policies, the text limits increases to SNAP monthly benefits to general inflation, reallocates Inflation Reduction Act funding for climate-related conservation programs, and eliminates the discretionary authority of the CCC to borrow from the Treasury to implement many farm bill programs.
• The Senate Agriculture, Nutrition, and Forestry Committee has also released a framework for its version of the farm bill.
• Despite significant policy differences this year, the farm bill traditionally unites rural and urban legislators; bipartisan compromise is likely over the coming months to avoid significant disruptions to mandatory programs, though another short-term extension through the election is also likely.