House and Senate Agriculture Committee leaders have reportedly reached an agreement on the level of cuts that will be recommended to the Joint Select Committee on Deficit Reduction today, the current deadline for committees to offer recommendations. The agriculture cuts would total a net reduction of $23 billion over 10 years, with $15 billion from commodities, $7 billion from conservation, and $5 billion from nutrition programs. Four billion would be added back to pay for other programs.
There are no final policy recommendations on how the commodity programs would be changed to achieve this level of savings, but the Agriculture Committees are expected to spend the next two to three weeks negotiating an agreement on policy provisions to achieve the savings. There are a number of different policies being considered and analyzed.