The farm bill lawmakers finished yesterday is on its way to the president’s desk to be signed.

In its present form the new farm bill will cut subsidy payments to producers. That's only half of the bad news peanut farmers received yesterday.

Lawmakers have been trying to come to an agreement on the 2007 farm bill for more than a year. It looks like they may have finally accomplished their goal, but the bill isn't sitting well with local farmers because it cuts the subsidy payments 204 percents and decreases the adjusted gross income illegibility being reduced to $75,000 per producer.

That means the government won't be paying farmers as much for their losses.

Officials say the farm bill cuts are a direct result of the increased crop prices being passes on to farmers, but officials say the rise in gas and other expenses still make it difficult to make a profit.

Jeff Pittman with the Florida Farm Bureau said, "With record high inputs and bad weather happenings it could put a farmer into a situation that yields could be low and without a safety net established by the farm bill it could put a farmer in a situation where it's hard to cash flow."

It's a double whammy for peanut farmers. Thursday a federal appeals court rejected their bid for a 31 cent a pound payment for crops lost in the 2002 drought. The government is offering about 18 cents.

The farmers are appealing the decision. The new farm bill has an estimated cost of $300 billion. That's a $20 billion increase.