Top house and senate negotiators reached a basic farm bill agreement Friday just hours after the president signed another short-term extension until Friday May 2nd. Top farm bill negotiators emerged from non-stop closed-door talks to report a basic deal on spending offsets and the nearly deal-breaking tax part of the farm bill, while hoping to wrap things up in open session early in the week.

House Ag chair Collin Peterson said, “I don’t think there’s any question now, that we can get this done before the 8th of May and have it to the president, hopefully by the 6th.
The tax package, down to 1 point 4 billion, is fully paid for by paring the ethanol tax credit 6-cents, boosting the cellulosic credit to a dollar, jettisoning a biodiesel extension in this bill, and other tax savings to offset race horse, timber and more tax breaks. The ethanol import tariff falls with the tax credit.

The bill still spends some 10-billion above budget, offset mostly with customs user fees.
Nutrition is hiked again, in a tax trade-off with the house, for a total boost of near 10-point-3 billion, while the senate keeps permanent disaster aid, but cuts it to just below 4-billion, and pares commodities, including direct payments, crop insurance, and other titles. Payment limit specifics are still being decided.