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GUEST: Charles Upphaus, Senior Foreign Assistance Policy Analyst with the Bread for the World Institute

As the world food crisis continues with food inflation reaching record highs and food riots in countries around the world, the US Congress is set to pass a five year farm bill. In this climate agribusiness is faring quite well with annual incomes projected to reach a record $92.3 billion this year. The profits are attributable to strong demand, tight supplies and a growing biofuels sector. The Farm bill, which the Bush administration is threatening to veto, is a lengthy piece of legislation containing everything from nutrition and research, to a disaster relief fund. Congress has spent months negotiating the $285 billion bill and seem to have reached a compromise. The bill has enough support to possibly override a Presidential veto with a 2/3rds majority. The Bush administration’s justification for a veto is apparently based on wasteful handouts to wealthy growers.

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