The bill in conference is too costly and does not reform farm subsidies in a period of a "very strong" farm economy, Bush said.

Farmers' incomes are expected to exceed the 10-year average by 50 percent in 2008, Bush said, "yet Congress' bill asks American taxpayers to subsidize the incomes of married farmers who earn $1.5 million per year."

"Crop prices have averaged a 20 percent increase since just last year. Still, Congress wants to raise payment rates for most crops and create new subsidies which can be triggered even at very high prices," Bush said in a statement released by the White House.

Bush said he was "deeply disappointed" in the new bill. He called on Congress to extend the current law by at least one year.

"It 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," he said.