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Exhibit 665

The Farm Bill After FY2025 Budget Reconciliation: Frequently Asked Questions (CRS R48775)

Exhibit 665 · CRS report

The Farm Bill After FY2025 Budget Reconciliation: Frequently Asked Questions (CRS R48775)

Raising reference prices increases the likelihood that payments are triggered and increases the size of such payments.

Reports CBO's estimate that Title I of P.L. 119-21 reduces federal outlays by $121 billion over FY2025 to FY2034: nutrition changes reduce outlays by $187 billion and other agriculture subtitles add a net $66 billion. States that the law raised reference prices.

Source
Congressional Research Service
Date
2025
Quoted from
Section on the reconciliation law's effects
Grade
Primary record
Document
https://www.everycrsreport.com/reports/R48775.html
Accessed
2026-11-09
Cited by
Findings citing this exhibit

Cited by

Finding AGR-3.12
Primary record P.L. 119-21 (4 July 2025) set higher statutory reference prices from crop year 2025, allocated up to 30,000,000 additional base acres, raised the payment limit from $125,000 to $155,000 with inflation indexing, and defined partnerships, S corporations and LLCs as qualified pass-through entities. It also raised the premium subsidy for area-based crop insurance coverage from 65 to 80 percent and raised five other premium support rates by 3 to 5 percentage points.
Finding AGR-3.13
Primary record CBO estimated that Title I of P.L. 119-21 reduces outlays by $121 billion over fiscal years 2025 to 2034, with nutrition changes reducing outlays by $187 billion and other agriculture subtitles adding a net $66 billion. CRS reports that the nutrition title makes up about 72 percent of farm bill mandatory spending in CBO’s February 2026 baseline.