To the Point

Do American Farm Subsidies Have a Future?

Four years ago, in Doha, Qatar, the US and other major world economies vowed to reduce tariffs and subsidies that distort free international trade. Two years later, the talks dissolved in chaos. The last chance for agreement comes in December, and this week US Trade Representative Rob Portman announced that the US will cut subsidies by 60% by 2010, if Japan and Europe cut theirs by 80%. US farmers say their safety net is being given away, developing countries say the US and Europe are playing the same old games. Do the big economic powers really intend to give developing countries a break? Is the Bush Administration looking to cut the budget by any means necessary? As population and political power shift to cities and suburbs, are farmers losing their clout in Congress? Making News: Karl Rove Returns to Grand Jury over CIA Leak Inquiry Presidential advisor Karl Rove today made his fourth appearance before the federal grand jury investigating the leak to reporters of a CIA agent's name. White House Press Secretary Scott McClellan said Rove's problems have not disrupted President Bush's agenda. Michael Isikoff is following the story for Newsweek magazine. Reporter's Notebook: Bankruptcy Filers Rush to Beat Deadline Banking and credit-card companies campaigned and lobbied to get the new bankruptcy law that goes into effect on Monday. The targets were said to be wild spenders who went bankrupt to duck creditors when their bills came due. A forthcoming study for the Nevada Law Journal shows that bankruptcies rise most rapidly in states hit by hurricanes and that the filings come two or three years after the disasters themselves. Professor Robert Lawless wrote the report.