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Agriculture Secretary Tom Vilsack testified before the House Agriculture Committee as questions loom about the timing of a new farm bill.
Farm Income: During the hearing, Vilsack said farm income in 2021-2023 represents the highest level of farm income in the past 50 years. He noted that 2022 was a record high while 2023 was one of the best years on record for net cash farm income at 16% above the 20-year average.
Outlook: GOP members noted that farm income is projected to be considerably lower in 2024. Committee members said differences remain over how to prioritize funding for key farm bill programs, including commodity and nutrition programs.