The Congressional Budget Office released last week new cost estimates for the Senate and House Agriculture Committee-passed Farm Bills from 2012 that show significantly less savings that previous estimates. The CBO's updated scores for the legislation show the Senate-passed bill saving $13.1 billion over ten years instead of the $23.1 billion that was estimated last summer. Similarly, the House Committee bill would save $26.6 billion instead of $35.1 billion.
A large portion of the change to the Senate score comes from higher estimates for the cost of the Agriculture Risk Coverage program, while much of the difference in the House Committee bill stems from higher costs associated with the Supplemental Coverage Option for crop insurance.
Source: NASDA News