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Crop insurance indemnity payments associated with the historic 2012 drought hit a record $14.2 billion on February 11, 2013, and will continue to climb as insurers work to finalize the remaining claims. But according to projections released by the Congressional Budget Office (“CBO”), total indemnities and the taxpayer-funded portion of those losses will be lower than some had expected. 

In its projections, the CBO predicted $16 billion in expected indemnities as a result of last year’s catastrophic weather; however, the CBO foresees a decline in indemnities in 2013 with a return to more normal weather conditions. Since August, the CBO has lowered its projections for total federal outlays for crop insurance by nearly $8 billion over the next 10 years.

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