Senate Agricultural Committee approves $280 billion Farm Bill

In Washington, the Senate Agriculture Committee on Thursday approved its version of the five-year, $280 billion farm bill.

The bill earmarks $1.3 billion for biofuels over the next five years, and includes cellulosic ethanol incentives.

The House Bill passed in July. The Senate passed an overall funding measure on October 5, but the Agriculture Committee under committee chairman Tom Harkin had been working on specific program allocations, which include ethanol tax credits and next-generation biofuel investments. The Senate finance committee previously proposed cutting the ethanol tax credit to 46 cents per gallon.

President Bush has raised the threat of a Farm Bill veto, the first since 1956, over subsidies. Among those in hot dispute is the Brazilian ethanol tariff, which protects US ethanol producers but creates higher prices in the US and retards US ethanol demand growth.

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