MILWAUKEE (AP) -- Two Wisconsin congressmen are proposing changes to the nation's crop insurance program that they say will save the federal government $11 billion over the next 10 years.
Democratic Rep. Ron Kind and Republican Rep. Tom Petri announced their plan Wednesday as work continues in Congress on a new farm bill. Kind says he hopes to introduce the plan as an amendment once the farm bill gets to the House floor.
Farmers buy crop insurance from private companies, but the federal government subsidizes premiums and picks up the tab for losses over a certain amount.
Among other things, Kind and Petri's proposal would cap the total value of government subsidies each farmer can receive at $40,000. It also would not provide subsidized insurance for farmers who make more than $250,000.
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