President Bush has vetoed the $300 billion farm bill, calling it a tax increase on regular Americans at a time of high food prices but record farm profits.

Bush says the bill is bloated -- giving away too much money to wealthy farmers at the expense of taxpayers who foot the bill for the subsidies.

He vetoed the bill Wednesday. It was the 10th veto of his presidency. The veto is likely to be overridden by Congress, which passed the bill with veto-proof majorities.