The White House on Thursday threatened to cut a major $15.3 billion program aimed at helping farmers, as Trump seeks to address rising food prices and to appease congressional Republicans who oppose his plan.
Trump on Thursday said he would no longer reimburse farmers for crop insurance premiums for their crop insurance coverage and would seek to cut food stamp spending for the USDA by $100 billion over the next decade.
“I am committed to making this country competitive again.
We can’t let this happen,” Trump said.
“I will stop this bleeding.”
Farmers in many states have already been losing money under Trump’s proposal, which he announced in January.
He wants to slash the amount of money available for farmers through crop insurance subsidies.
The USDA estimates the cost of a crop insurance policy for a family of four will rise by $10,000 under the proposal.
The program, which Trump signed into law in December, allows farmers to buy insurance on their crops to cover crop losses or crop damage.
Trump has pledged to cut the Supplemental Nutrition Assistance Program by $8 billion over 10 years.
The White House says the farm program is currently expected to lose $7.7 billion this year.
Trump’s budget proposal also calls for a $200 billion farm investment tax credit for farmers, a $100 million loan program for farmers in the agriculture sector and $3 billion to assist food producers with payments for crop losses.
Trump also wants to invest $3.7 trillion in agricultural research and development over the course of his administration.