House and Senate negotiators yesterday reached an agreement on a new farm bill that would spend $300 billion on energy, nutrition, conservation and farm subsidy programs over the next five years, and administration officials announced that President Bush would veto it, the Washington Post informs.

"This bill increases subsidies to farmers at a time of record farm income," Agriculture Secretary Ed Schafer said, according to the Post. The negotiators "have done a disservice to taxpayers."

One of the most important issues of the agreement was how much money would be paid to wealthy farmers, as the legislation says that married farmers with joint incomes of up to $1.5 million a year, as well as individuals who make more than $750,000, could possibly qualify for some crop subsidies.

House speaker Nancy Pelosi, who supports the bill, said she wanted the payments to wealthy farmers to be reduced, but she encouraged the increases by more than $10 billion of nutrition programs, including food stamps and domestic food assistance. The bill will also develop a program to offer fresh fruits and vegetables to schoolchildren.

According to the compromise, the government would expand subsidies for certain crops and extend dairy programs. Also, more money will be provided for conservation programs aiming to protect farmland.

The legislation would require that meats and other fresh foods be labeled with their country of origin.

Although the bill is opposed by many, Rep. Stephanie Herseth Sandlin, D-S.D., said she was optimistic that the chamber would approve the bill if Bush vetoes it, informs the Associated Press.