Bill Clinton: “Senator Bond and Congressman Gephardt, the administration, I think, in 1992 presented a revised downward formula. It…”

“Senator Bond and Congressman Gephardt, the administration, I think, in 1992 presented a revised downward formula. It used to be two-thirds of two-thirds, didn't it, something like that? And it was revised downward because of the magnitude of the losses in Andrew and the side problem with the deficit, is that right? I wasn't here so I don't know. Senator Bond. Mr. President, in the 1990 farm bill we authorized a very complicated formula for people with crop insurance. It was essentially 65 percent of 65 percent. As a result of OMB actions during some of the disasters, they cut what is effectively 42 percent by a half, and thus the proposal is about 21 cents on the dollar. We had a chance to discuss and several of the Members of Congress discussed with you our strong desire and our hope that OMB and you will support, and we can encourage Congress not to cut that 42 percent in half, because for most farmers that represents their out-of-pocket costs of feed, fertilizer, and fuel to put the crop in.”