Reuters reports President Obama wants to end direct payments and other farm subsidies to save billions of dollars over the next decade.

Cutting direct payments alone would decrease current farm supports by half, if not more. Reforming agricultural subsidies usually occurs when writing the new farm bill but the congressional push to decrease the overall budget has moved discussions ahead of schedule.

The White House says half of farms receiving payments have yearly incomes above $100,000. The President's budget reduction proposal released this week, also targets the federal crop insurance program and farmers are again being asked to shoulder a disproportionate portion of budget cuts.

The White House may also renew a disaster program set to expire on Oct. 1.

The idea to cut direct payments has surfaced as grain prices are at near-record highs.

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Source: Reuters