May 7, 2009 / 2:31 PM / 11 years ago

Obama asks for agriculture subsidy cuts nixed by Congress

WASHINGTON (Reuters) - U.S. President Barack Obama on Thursday proposed a $250,000 a year cap on farm subsidies and a phase-out of the “direct payment” subsidy to large operators — ideas already rejected this year by Congress.

“The president wants to maintain a strong safety net for farm families and beginning farmers while encouraging fiscal responsibility,” said the White House in a detailed version of its budget proposal for fiscal 2010, which opens on Oct 1.

Farm subsidy spending, estimated at $9.25 billion this year, would be cut by $1 billion a year under Obama’s proposals, which include a reduction in crop insurance subsidies and an end to cotton storage payments.

Reporting by Charles Abbott

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