The clock is ticking as the deadline for the 2023 farm bill approaches, and ag economists are expressing doubts about its timely completion. The latest survey in the Ag Economists' Monthly Monitor reveals that a majority of economists believe it is "very unlikely" or "unlikely" that a farm bill will be written before the current legislation expires on September 30, 2023. While hopes remains for a finished bill by January 1, 2024, time is running out.
Congressional hearings and listening sessions are actively taking place in both the House and Senate to draft the new five-year bill. However, this week, Congress may seize the opportunity to propose amendments to the fiscal 2024 agriculture appropriations bill, potentially leading to test votes on farm bill matters. The debate on the measure could commence as early as next week.
Key areas of debate include the availability of funding and how climate goals outlined by the current administration will shape the 2023 farm bill. A recent think tank report by University of Maryland professor Erik Lichtenberg suggests that the USDA could reorient its major land stewardship programs, such as the Conservation Reserve, the Environmental Quality Incentives Program (EQIP), and the Conservation Stewardship Program (CSP), to combat climate change. However, such a move is deemed risky as it may impact the support for these programs.
With no additional funding allocated for the farm bill this year, members of Congress are exploring creative solutions to secure funds. Senate Ag Chair Debbie Stabenow, D-Mich., has suggested the possibility of reallocating around $20 billion from the party's climate and tax credit law to more general spending in the upcoming farm bill.