Gregory Meyer at the Financial Times has an explosive story (subscription required) on how big time money managers can’t get enough of the federal government’s revenue guarantees with crop insurance subsidies.

National leaders in food and farm policy have taken steps to form a new nonprofit organization that for the first time will hold lawmakers in Congress accountable for their votes on a broad range of issues, including food safety, farm subsidies, nutrition assistance, farm animal welfare, fisheries management, organic and local food, farm and food worker justice, and the impacts of food and farm policies on the environment.

Few Americans know that taxpayers finance a $90 billion crop insurance program that provides millions in subsidies to highly profitable farm businesses and insurance companies. And even fewer know that the crop insurance industry spends more on lobbying and political donations than farm organization representing corn, soybean and wheat farmers.

When the government allows oil and gas companies to avoid paying taxes, lawmakers call it a “subsidy.” But when the government pays 62 percent of the cost of obtaining crop insurance, it’s called a “discount?”

Editorial boards across the country continue deriding the lack of meaningful reform in the Senate farm bill. The Washington Post weighed in today in an editorial called, “Fertile ground for change.” Some excerpts: "The bill’s savings would have been almost twice as great if it did not offset the elimination of direct payments with a new, subsidized crop insurance program on top of the generous one from which farmers already benefit."

The New York Times’ Ron Nixon reports that the Obama administration wants to see deeper cuts to crop insurance as the farm bill debate goes forward: "The bill is expected to cost about $969 billion over the next 10 years, but cuts overall spending by $23 billion."

Sen. Tom Coburn, R-Okla., Sen. Dick Durbin, D-Ill., Sen. Jeanne Shaheen, D-N.H., and Sen. Pat Toomey, R-Pa., today introduced amendments that would save taxpayers billions of dollars and take important steps toward reforming the heavily subsidized federal crop insurance program.

It seems that an expensive new entitlement program, unlimited insurance subsidies and new insurance programs designed just for cotton and peanut farmers just aren't enough for some Southern legislators.

New York Times’ editorial board member Robert Semple penned a blistering take on the Senate farm bill for the paper’s Sunday Outlook section. Some excerpts: "Every five years or so, Congress promises a new, improved farm bill that will end unnecessary subsidies to big farmers, enhance the environment and actually do something to help small farmers and small towns."