May 8 (Bloomberg) -- President George W. Bush will veto the farm bill proposed by congressional agriculture leaders because it exceeds spending guidelines and offers no ``real reform,'' Agriculture Secretary Ed Schafer said.
``At a time of record farm income, Congress decided to further increase subsidy rates, qualify more people for taxpayer support and move programs toward more government control,'' Schafer told reporters today. ``The president will veto this bill.''
In its current form, the bill does not have enough support to override the veto, so we may see some changes to the bill, but even if it gets trimmed it will still be bad policy.
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