In this economy, people know that every little bit counts when it comes to saving money. It is no different for the federal commission trying to reduce a $200 billion budget shortfall. They could save $14 billion dollars by 2015 if they cut the direct payments farmers receive under the 2008 Farm Bill — and if they eliminate the subsidy promises, in the event that prices for wheat, corn, soy and other commodities fall in the next few years. What effects would farmers and food shoppers see if these subsidies were to go away?

We are joined by Daryll E. Ray, director of the Agricultural Policy Center at the University of Tennessee.