An annual $40,000 per farmer cap would have saved the federal government $1 billion of the $7.4 billion it spent on premium subsidies in 2011, according to the U.S. Government Accountability Office.

Charles Symington, senior vice president of external and government affairs for the Independent Insurance Agents and Brokers of America, says, "While we were disappointed that the House fell short in its attempt to pass a long-term Farm Bill yesterday, we were happy that the House supported the [Federal Crop Insurance Program] in voting down the Kind-Petri amendment, which would have slashed funding for the program.

"The amendment's failure reinforces the central role that the crop program and independent agents play in protecting America's farmland," Symington says, adding Congress still needs to find a long term solution.

The R Street Institute, as well as 16 other conservative groups, supported the amendment. R Street Policy Analyst Lori Sanders calls the bill "a terrible piece of legislation" and that Congress "can do a better job than this."

R.J. Lehmann, a senior fellow at the R Street Institute, a conservative think tank, says he believes clearly there will have to be "significant changes" when the House takes the bill up again. However, he says Congress is more likely to extend the current bill before Sept. 30.

The nonpartisan Congressional Budget Office says that while the House bill would increase federal spending on crop insurance by almost $9 billion over the next decade, the Senate's version passed on June 10 would increase crop insurance subsidies by almost $5 billion over 10 years.

The Obama administration threatened to veto the Farm bill because of its price tag.