Despite a veto threat from the president, the new 2007 Farm Bill passes in the House.
The legislation combines billions in aid for farmers with funds for low-income nutrition programs. It was passed by a vote of 231 to 191. It would devote more money to conservation, renewable energy, and nutrition and specialty crop programs. It would also provide subsidies to producers of major crops when prices are at a record-high now.
The plan also imposes new taxes on certain multinational companies with U.S. subsidiaries. Some Democrats say this will help prevent foreign tax dodgers, while Republicans say it is a large tax hike and would affect millions of jobs.
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