According to my usual source for happenings in Congress, National Journal's Congress Daily (I can't link to it because it's by subscription only), Senators Reid and McConnell have struck a deal on the Farm Bill and debate began on the floor yesterday. The deal allows each side to offer twenty amendments to the bill, with the reform measure offered by Senators Grassley and Dorgan up first with a vote expected on Tuesday. It looks like the Senate will complete the bill by the end of the year.
Again, I'll plug Ken Cook's excellent blog, Mulch, which focuses on the Farm Bill, farm subsidies and other policy issues related to federal food and farm policy, as a good resource on reform efforts.
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