Sep 23, 2019 - Economy & Business

Farm aid from Trump’s trade war has cost more than double the 2009 auto bailout

Photo: Sheng Jiapeng/China News Service/Visual China Group via Getty Images

Farmer subsidies from the Trump administration aimed at mitigating the effects of the U.S.-China trade war have reached $28 billion, about double the amount of money shelled out in the government bailout of Detroit automakers in 2009, Bloomberg reports.

Why it matters: Trump's bailout still doesn't cover all of the farmers' losses. The government has provided $973 million in aid to Iowa farmers during a trade war that is estimated to have cost them $1.7 billion in losses, according to Iowa State University researchers cited by Bloomberg.

The big picture: The farmers' losses are just another data point underscoring the negative effects that the trade war has had on Americans. It has led to bigger trade deficits with China, dented consumer sentiment and is weighing down the global economy, according to the International Monetary Fund.

Yes, but: Despite those losses, the trade war doesn't appear to have broken Trump's support in rural areas.

Trump had a 52% approval rating among people in rural areas in August, compared to a 40% approval rating overall, per Gallup.
Trump's support among farmers increased from 60% to 67% between 2018 and 2019, according to a Farm Futures poll taken this summer.

Go deeper: Tough times in farm country

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McConnell: Senate has "more than sufficient time" to process Supreme Court nomination

Senate Majority Leader Mitch McConnell (R-Ky.) said in a floor speech Monday that the chamber has "more than sufficient time" to confirm a replacement for Supreme Court Justice Ruth Bader Ginsburg before the election, and accused Democrats of preparing "an even more appalling sequel" to the fight over Brett Kavanaugh's confirmation.

Why it matters: Senate Minority Leader Chuck Schumer (D-N.Y.) has said "nothing is off the table next year" if Republicans push ahead with the confirmation vote before November, vowing alongside Rep. Alexandria Ocasio-Cortez (D-N.Y.) to use "every procedural tool available to us to ensure that we buy ourselves the time necessary."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 1:30 p.m. ET: 31,120,980 — Total deaths: 961,656— Total recoveries: 21,287,328 — Map.
U.S.: Total confirmed cases as of 1:30 p.m. ET: 6,819,651 — Total deaths: 199,606 — Total recoveries: 2,590,671 — Total tests: 95,108,559 — Map.
Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
Politics: House Democrats file legislation to fund government through Dec. 11.
Business: Unemployment concerns are growing.
World: "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

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Alayna Treene

2 hours ago - Politics & Policy

House Democrats file legislation to fund government through Dec. 11

House Speaker Nancy Pelosi (D-Calif.). Photo: Chip Somodevilla/Getty Images

House Democrats on Monday released their proposal for short-term legislation to fund the government through December 11.

Why it matters: This is Congress' chief legislative focus before the election. They must pass a continuing resolution (CR) before midnight on Oct. 1 to avoid a government shutdown — something both Hill leaders and the White House have claimed is off the table.