Wal-Mart: Food stamp cuts to hit profits
January 31, 2014: 9:33 AM ET
Wal-Mart warned that earnings would be hurt by cuts to food stamp and bad weather.
NEW YORK (CNNMoney)
Wal-Mart Stores warned Friday that cuts to the nation's food stamps program late last year will hurt its bottom line.
The cut in food stamps went into effect Nov. 1. Food stamps had been increased during the height of the recession, but that expansion expired without Congressional action.
The expiration of the program saved the government $5 billion.
More cuts in food stamp funding could be on the way. A bipartisan deal on a new farm bill reached earlier this week could trim $90 a month in benefits for 850,000 food stamp recipients, saving the government nearly $1 billion a year.
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