BITTER HARVEST

While the Clinton Administration, the House and the Senate have proposed toslash farm subsidiesby as much as $9 billion over the next five years, a bipartisan House coalition is presenting an even more radical idea: eliminate the agricultural payments entirely. Rep. Charles Schumer (D-N.Y.) is co-sponsor of a bill that he says will "wean American agriculture from subsidies and move it into the free market." The bill would save $27.5 billion in federal spending during the five-year phase-out period. Although some have charged that an elimination of subsidies could lead to higher prices for consumers, TIME business reporter Bernard Baumohl thinks the opposite may happen: "One of the purposes of these subsidies is to discourage overproduction. If you take away these incentives and factor in theincredible productivity of the American farm, you could see an increase in supply, which in turn would keep prices low."