Some Notes on the Economic Environment Affecting the Debate on the Agricultural Act of 2014

The recent U.S. farm bill was passed by Congress and signed into law by President Barack Obama on February 7, 2014 as the Agricultural Act of 2014. Traditionally, farm bills are passed every five years, but the recent bill, which authorizes nutrition and agricultural programs for 2014- 2018, is two years late since the 2012 expiration of the 2008 bill (the Food, Conservation, and Energy Act of 2008). The 2014 bill authorizes a projected $956 billion in spending over the next ten years. The purpose of these Notes is to provide background information about the economic setting in the general economy and agriculture in the years leading up to the Agricultural Act of 2014 and to recap some of the key congressional debates and decisions about fiscal policy and a new farm bill during fiscal years 2018-2014.