Virginia Foxx: “This amendment is one I've taken to calling the ``Spending Safeguard'' amendment, because it will protect taxpayers in…”

“This amendment is one I've taken to calling the ``Spending Safeguard'' amendment, because it will protect taxpayers in the event CBO predictions relating to the Farm Risk Management Election program are horribly wrong. This particular program is basically an expansion of overly generous crop insurance subsidies for producers, and it's predicted to cost about $23 billion over 10 years. But it could potentially cost more-- much more. That's because the program's costs are linked to high target price estimates that well exceed historical averages. If prices fall, taxpayers will be forced to make up the difference. As many of us are aware, the 2008 farm bill cost taxpayers 51 percent more than its drafters predicted. None of us, from Members of Congress to the budget wizards at CBO, can predict the future. That is why we must put a safeguard in place to prevent unappropriated spending from eating taxpayers alive. My amendment will cap spending on this program at 110 percent of CBO predicted levels for the first 5 years in which payments are dispersed--fiscal years 2016 through 2020. If CBO predictions are reasonably accurate, nothing will happen; but if the predictions are horribly wrong, this amendment ensures taxpayers won't be forced to pay for another costly Washington mistake. This is a simple amendment, but one that I hope will set an important precedent.…”