What happens if?

If no new farm bill is passed, what then? The USDA has prepared a document at the request of Congressional leaders that looks at the issue. Find it here. From the analysis:

As stated in the USDA analysis, the provisions of the Agricultural Adjustment Act of 1938 and the Agricultural Act of 1949, which have been repeatedly suspended by several farm bills, would again become legally effective if a new farm bill is not enacted or Congress fails to extend the 2002 farm bill by March 15, 2008. Often described as a reversion to "permanent law," such a result would "dramatically narrow the universe of producers who receive support, and would do so in a way that most producers will view as irrational," according to the 14 page paper prepared by USDA and approved by the Office of Management and Budget.

Here is a summary graph on how the lack of a new farm bill would affect trade-related programs.

Congress has mandated that the Secretary permanently carry out certain trade and international development programs. These programs are authorized to receive mandatory funding on a FY basis; these funding authorizations would expire on March 16, 2008.[57] These programs include: export credit guarantees,[58] export credit guarantees for emerging markets,[59] market access,[60] foreign market development cooperator,[61] technical assistance for specialty crops,[62] food for progress,[63] dairy export incentives,[64] and facilities credit guarantees,[65] programs.