May 13 (Bloomberg) -- President George W. Bush said he will veto the farm bill approved last week by House and Senate negotiators because it exceeds spending guidelines, distorts trade and provides subsidies at a time of record crop prices.

``If this bill makes it to my desk, I will veto it,'' Bush said today in a statement released by the White House press office.

Bush's threat sets the stage for votes expected in Congress later this week on the farm bill, which spends $307 billion on agricultural programs over five years. Senate Agriculture Committee Chairman Tom Harkin predicted last week that Congress would override a veto before legislators leave for the Memorial Day holiday at the end of next week.

Bush said the proposed farm bill would increase spending by $20 billion over 10 years, more than double what Congress estimates. It would also subsidize the income of some farmers making more than $1.5 million a year, he said.

``Doing so at a time of record farm income is irresponsible and jeopardizes America's support for necessary farm programs,'' Bush said.

The president said the bill also creates a new sugar subsidy that will keep the price of the sweetener high for U.S. consumers while rewarding a handful of growers.

Safety Net

House and Senate leaders say the bill preserves a necessary safety net for America's farmers, funds farmland conservation programs and provides additional food aid for the needy in the U.S. and abroad.

Harkin, a Democrat from Iowa, said he was ``disappointed'' with Bush's position and accused the president of failing to work with Congress on the legislation.

``To veto this bill is to turn our backs on farming families and rural communities,'' Harkin said in a statement.

The Congressional Budget Office put the cost of the bill at $307 billion over five years. In an estimate released today, the CBO said that includes $209 billion for nutrition programs, $35 billion for agricultural commodity programs and $25 billion for conservation.

House Agriculture Committee Chairman Collin Peterson said the House will take up the bill tomorrow. Kate Cyrul, a spokeswoman for Harkin, said the Senate may debate the measure at the same time as the House. The current farm law, approved in 2002, is set to expire May 16 after it was extended five times.

Bush Seeks Extension

Bush today reiterated that he would like Congress to extend that law again, for at least a year.

An extension ``is a far superior option than supporting a bill that increases farm-subsidy rates, spends too much and fails to reform farm programs for the future,'' Bush said.

A presidential veto can only be overturned by a two-thirds vote in both chambers of Congress. An override would take 289 votes in the House and 67 votes in the Senate. The House version of the farm bill, passed in July, received 231 votes, while the Senate's package received 79 votes.

Peterson, interviewed today on Bloomberg Television, said the numbers are ``looking good'' for an override.

``It's looking like we're on track for getting 300 or more votes,'' he said.

To contact the reporter on this story: Daniel Enoch in Washington at denoch@bloomberg.net.

Last Updated: May 13, 2008 18:41 EDT