Some Republicans say the best thing Congress could do to help farmers withstand the turmoil in trade policy is to pass a new farm bill. But economists say the legislation is unlikely to offer much relief to farmers, especially soybean growers, even if commodity prices don’t recover from their current tariff-induced slump.
The Republican chairman and the top Democrat on the Senate Agriculture Committee hope to release a draft of their farm bill this week, and Majority Leader Mitch McConnell promises to move it quickly to the floor.
President Donald Trump today officially rolled out his proposal to spur $1.5 trillion in infrastructure investment, eliciting praise from farm groups for the 55-page plan that highlights the need to improve rural, roads, bridges, waterways and internet access.
Many producers could see meaningful tax cuts next year, but the sweeping tax bill that Congress gave final approval to Wednesday will leave them without the certainty on expensing and estate planning that farm groups were seeking.