The U.S. House of Representatives passed a nearly $1 trillion farm bill on January 29 that ends a direct subsidy to farmers and cuts food stamps, while expanding government-backed crop insurance programs.

The measure passed 251-166. The bill is more than a year overdue after congressional negotiators struggled to forge a compromise.

The Senate is expected to pass the bill, and as easily as next week. President Barack Obama is expected to sign the bill.

The bill affects about 16 million jobs in the agricultural industry and can affect major agricultural companies' businesses.

The agriculture committees estimate the bill will save about $23 billion over 10 years, while the Congressional Budget Office, using a different measurement, has estimated savings of about $16 billion over a decade.

 

The previous farm bill, which passed in 2008, expired in September after a one-year extension.