In a letter sent today to all 435 members of the House, AFBF President Bob Stallman said H.R. 2454, the American Clean Energy and Security Act of 2009, will "unquestionably impose enormous costs on the American economy, including agriculture."
An AFBF economic analysis shows that at a minimum, net farm income will decline by $5 billion annually by the year 2020, if H.R. 2454 is passed.
"The $5 billion impact is under the most optimistic set of assumptions," Stallman said. "Those estimates do not begin to tell the story of what will happen when the program mandated by this legislation fully takes hold." [...]
Stallman praised Peterson's effort to improve the bill and urged passage of his amendment because it incorporates provisions that are critical to American agriculture.
"The Peterson amendment establishes an agricultural offset program within the U.S. Department of Agriculture; provides for a list of eligible agricultural offsets; corrects the misuse of indirect land use calculations in evaluating the use of biofuels; and alters the definition of biomass," Stallman explained.
