01/23/08 House Ag Chair could live with 1948 farm law

Farm and Ranch January 23, 2008 U.S. House Ag Committee Chairman Collin Peterson says he will do everything possible to see that Congress sends the White House a farm bill that won't be vetoed. But if there is a veto and it is not overridden, Peterson told reporters Tuesday he would prefer the permanent farm law of 1948 to an extension of the 2002 Farm Bill. The chairman said given current market conditions that permanent farm law with its high loan rates would be workable. Peterson: "We would have an $8.32 loan on wheat for example, $4.12 on corn, $3.75 on sorghum, $2.99 on barley and so forth. All those loan rates are below the current market prices with the exception of cotton." And there would be no support for soybeans and oilseeds Peterson says the Administration doesn't like permanent law but apparently thinks he is bluffing as there has been no movement in farm bill talks on their part. Peterson: "But what is on the table at this point from the Administration is cuts. They only want to cut. And they want to cut significant money out of food stamps, conservation, fruits and vegetables and out of the commodity title. I am willing to look at cuts but what they are talking about cannot pass the House and the Senate." I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.