OVERNIGHT MONEY: Farm bill stalls out in Senate

The House could begin marking up a farm bill this month if the Senate acts and gives the process momentum. If the Senate fails to pass a bill, the House could be hard-pressed to move a bill before the current farm bill expires at the end of September and farm subsidies revert to 1940s levels. 

"It's really disappointing we don't already have something, but hope is still here, and I hope we can get that done," Reid said. 

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"A few senators are holding this up, and that's too bad."

There were signs that lawmakers were trying to find an avenue to plow ahead.

Sen. Kent Conrad (D-N.D.) on Thursday filed a compromise farm bill amendment aimed at getting support from Southern farm-state senators.

The amendment would continue the counter-cyclical target price subsidy that the underlying bill eliminates. That program pays farmers if a commodity market price falls below an amount specified in the law.

Rice and peanut growers say that program does not work for them. Sens. Saxby ChamblissClarence (Saxby) Saxby ChamblissRepublicans say Democrats holding up disaster relief as 'Sandy payback' Ex-House Intel chair: Intel panel is wrong forum to investigate Trump's finances The Hill's Morning Report - Trump budget reignites border security fight MORE (R-Ga.), John BoozmanJohn Nichols BoozmanMcConnell ups pressure on White House to get a budget deal McConnell ups pressure on White House to get a budget deal There is a severe physician shortage and it will only worsen MORE (R-Ark.), Mark PryorMark Lunsford PryorMedicaid rollback looms for GOP senators in 2020 Cotton pitches anti-Democrat message to SC delegation Ex-Sen. Kay Hagan joins lobby firm MORE (D-Ark.) and Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellElection security bills face GOP buzzsaw Election security bills face GOP buzzsaw Overnight Defense: Trump doubles down on claim Iran attacked tankers | Iran calls accusations 'alarming' | Top nuke official quietly left Pentagon | Pelosi vows Congress will block Saudi arms sale MORE (R-Ky.) have opposed the bill at least in part because of opposition from Southern farmers.

The Conrad amendment, which the North Dakota Democrat has been working on with Chambliss, would raise target prices on all commodities by 5 to 7 percent.  

Meanwhile, some Senate Republicans are disputing whether the farm bill actually saves money or, instead, would cost about $400 billion.

They say the bill includes several wasteful programs that should be scrapped given the fiscal condition of the federal government.

Sen. John McCainJohn Sidney McCain#JohnMcCainDay trends on Trump's 73rd birthday #JohnMcCainDay trends on Trump's 73rd birthday New poll finds little GOP support for spending cuts to specific federal programs MORE (R-Ariz.) said Thursday morning that far from saving money, the bill would cost an estimated $969 billion over 10 years, up from the $600 billion spent in the 2008 farm bill.


WHAT ELSE TO WATCH FOR

Sneak peak at Greek drama: While the Capitol will be pretty quiet on Friday, the weekend promises plenty of drama. Greek voters are set to return to the polls Sunday to pick a new parliament, after a May election failed to produce a coalition government. Frustrated Greeks who are facing high unemployment will be able to choose between the New Democracy party, which is promising to stick with the austerity plan mandated by global leaders as part of Greece's bailout, or the Syriza party, which is vowing to scrap the austerity plan and effectively dare Europe to cut off Greece's lifeline, throwing the eurozone into even further chaos. The latest polling indicates it will be a close race, with the added curveball that Greek law prohibits polling two weeks before an election — as if the matter were missing any more intrigue.

Stock surge: On a related note, stocks surged Thursday night after Reuters reported that central bank leaders were vowing to do what was needed to keep global financial markets humming following no matter what happens in Greece. The Dow closed up more than 150 points, or 1.2 percent, while the Nasdaq jumped 0.6 percent and the S&P 1.1.


ECONOMIC INDICATORS

Industrial Production-Capacity Utilization: The Federal Reserve will release its May report showing the physical output of the nation's factories, mines and utilities. The monthly report also provides a measure of capacity utilization. 

Michigan Sentiment: Thomson Reuters/University of Michigan will release its initial measure of consumer sentiment for June.


WHAT YOU MIGHT HAVE MISSED

— Report: Geithner pushed Hillary ClintonHillary Diane Rodham ClintonHouse Intel Republican: 'Foolish' not to take info on opponent from foreign ally House Intel Republican: 'Foolish' not to take info on opponent from foreign ally It's about the delegates, stupid MORE to replace him at Treasury

—  House panel gets to work on one-year extension of Bush tax cuts

— World Bank head: Use 'fiscal cliff' to get US finances on track

— GOP endorses McCaskill-Portman bill to lower tariffs and reduce risk of earmarks

Portman takes sides in GOP 'earmarks' fight

— Obama vs. Romney in Ohio

— Senate advances bill funding Dodd-Frank financial reforms

— Senate panel rejects attempt to overturn labor board ruling

— Senate Democrats beat back attempts to defund healthcare law

— GOP senators want answers on health law's 'PR campaign'

— First-time claims for jobless benefits tick up


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