The Trump administration’s fiscal 2021 budget proposes significant cuts for crop insurance, as has been the case for several years.
Proposed cuts include a 15 percent reduction in premium subsidies for policies that include harvest price coverage as well as an adjusted gross income limit of $500,000 for crop insurance and commodity programs. ICBA and other organizations have opposed reductions in crop insurance.
The budget proposes to boost other USDA programs, such as the Business and Industry guaranteed loan program to $1.5 billion primarily through an increase in fees. It also would authorize $500 million for guaranteed community facility loans and support $8.9 billion for direct and guaranteed farm loans, an increase of $475 million over enacted 2020 levels.