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WASHINGTON, Feb. 2 (UPI) — Congress withdrew support for a U.S. cotton subsidy program Wednesday, ending export and import subsidies and normalizing world cotton prices.

The U.S. House of Representatives approved legislation that would repeal a support program for cotton formally known as “Step 2″ as part of its Deficit Reduction Omnibus Reconciliation Act. Before the end of 2005, the Senate passed identical legislation. The bill will now go to President Bush who is expected to sign it into law.

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This entry was posted on Tuesday, February 7th, 2006 at 3:23 pm and is filed under Trade, U.S. Budget. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.