U.S. Markets close in 2 hrs 35 mins

News Summary: House rejects farm bill

The Associated Press

VOTED DOWN: The House has rejected a five year, half-trillion-dollar farm bill that would have cut $2 billion annually from food stamps and let states impose broad new work requirements on those who receive them.

GOP OPPOSITION: Sixty-two Republicans voted no, while 24 Democrats voted in favor of the bill.

TOO BIG, OR VITAL?: Many Republicans say the cuts are not enough. The food stamp program has doubled in cost over the last five years to almost $80 billion a year and now helps to feed 1 in 7 Americans. Liberals contend that the House plan could remove as many as 2 million needy recipients from the rolls.