WASHINGTON, D.C. -- Although members of the U.S. House-Senate Farm Bill Conference Committee on Thursday agreed on a massive $300 billion 2008 Farm Bill, President George W. Bush is threatening to veto the legislation.

Next week, the House and Senate will each vote on the bill, but the president said he won't sign it into law unless it includes reforms, avoid tax increases and doesn't resort to budget gimmicks to hide overspending.

Pennsylvania Farmers Union President Larry Breech said the 2008 Farm Bill is "good bipartisan compromise agreement.It will benefit state farmers and consumers. It's not perfect, but Pennsylvania's family farmers will benefit from its strong safety net and investments in conservation and specialty crop programs."

Breech noted that consumers will also benefit from the bill's "record increase in nutrition programs and the implementation of mandatory country of origin labeling." And, it will create a permanent disaster assistance program.

"Pennsylvania's farmers have long felt the effects of weather conditions out of their control. This program will provide a much-needed helping hand during their time of need," Breech added.

Dairy producers will benefit from a strengthened safety-net which takes into consideration production costs.

"If the 2008 Farm Bill becomes law, the Milk Income Loss Contract (MILC) program would be restored to its original support level, expand the amount of milk covered and include a cost of production factor to account for the increased input costs from fuel, fertilizer and feed.

Other farm bill provisions include investments in renewable energy, rural development programs and livestock title, which includes non-binding arbitration, interstate shipment of state-inspected meat, contract reforms and improvement of Packers and Stockyards Act enforcement.