Okay, so we are in the midst of the first global food crisis in 30 years--complete with food riots, political instability, and full-on alarms being sounded by the World Food Program, World Bank, and others. And we face the prospect of a further run-up in prices this summer and fall. Sam's Club is rationing rice, for goodness sake. The Food Stamp Program rolls are swelling as low-income Americans scramble to feed their families. We are witnessing a growing environmental disaster as farmers plow out prairie and conservation lands here and rain forests abroad to turn food into vehicle fuel. The commodity markets don't seem to be working--at least not for farmers--though speculators seem to be doing fine. And despite record net farm income now and for the forseeable future, taxpayers will still be sending $5.1 billion per year to the most prosperous subsidized farms in the country, 10 percent of whom will collect two-thirds of the money.

But how do these problems stack up against the plight of thoroughbred horse owners? David Rogers at Politico:

After months of wrangling, House and Senate tax writers appear confident of reaching a deal soon that will clear the way for passage of a long-delayed farm bill.

Speaker Nancy Pelosi (D-Calif.) has softened her opposition to Senate-backed tax cuts, and there appears to be tentative acceptance of a revenue-neutral package of at least $1.4 billion over 10 years.

The Senate is pressing to go higher. Among the major issues still pending are tax breaks for timber interests and the thoroughbred industry, which has a powerful champion in Senate Republican leader Mitch McConnell (Ky.). After so much bitterness, no one is yet ready to claim success, but the talks have taken on a more optimistic tone.

Sound like a lousy deal? Sound like everything you think Democrats should not stand for, now that they're in charge?

Maybe you're not seeing the forest for the stumps. Greg Hitt in today's Wall Street Journal:

A push is under way on Capitol Hill to add timber-industry tax breaks to the farm bill, which includes calls to spend billions on such items as wheat subsidies and school lunches.

Montana Democrat Max Baucus, the chairman of the Senate Finance Committee, is among the senators backing a tax measure that is a top legislative priority for Weyerhaeuser Co. and the forest-products industry.

The proposal would eliminate tax disparities among timber competitors, and would create a new deduction that effectively lowers Weyerhaeuser's top income-tax rate to 15% from 35%. The deduction could be claimed widely, but would specifically address the economic challenges facing Weyerhaeuser. Industry analysts suggest the measure could save the Federal Way, Wash., company more than $100 million a year.