Bad news here. I have a piece in the latest NRODT on why President Bush should make good on his threat:

But even with [the ethanol mandate and the biofuels push] driving crop prices to record levels, the House of Representatives is getting ready to pass a new five-year farm bill that will pump another $45 billion of taxpayer money into programs designed to boost prices, support expansion, and increase exports. If the Senate does not show better judgment — taking advantage of this period of high prices to wean farmers from government aid — the only rational thing for President Bush to do is veto the bill, on the grounds that it spends too much, kneecaps our free-trade agenda, and keeps our farmers trapped in a loathsome welfare system.

Iain Murray inveighed against the farm bill this morning on the home page, as did the editors earlier this week.