WASHINGTON -- President Bush vetoed the $300 billion farm bill Wednesday -- calling it a tax increase on regular Americans at a time of high food prices -- in the face of a near-certain override by Congress.

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It was the 10th veto of Bush's presidency. But since it passed both houses of Congress with veto-proof majorities, his action will likely be overridden.

The president calls the legislation fiscally irresponsible and says it gives away too much money to wealthy farmers, yet his criticism didn't faze lawmakers from both parties who voted for increased crop subsidies, food stamps for the poor and other goodies to help their districts in an election year.

"At a time of high food prices and record farm income, this bill lacks program reform and fiscal discipline," Bush said in his veto statement to Congress.

"It continues subsidies for the wealthy and increases farm bill spending by more than $20 billion, while using budget gimmicks to hide much of the increase."

Bush also said the bill was inconsistent with his administration's objectives in international trade negotiations, particularly when it comes to opening markets to U.S. farmers and ranchers, and that it needlessly expands the size of government.

"At a time when net farm income is projected to increase by more than $28 billion in one year, the American taxpayer should not be forced to subsidize that group of farmers who have adjusted gross incomes of up to $1.5 million," Bush said.

"When commodity prices are at record highs, it is irresponsible to increase government subsidy rates for 15 crops, subsidize additional crops, and provide payments that further distort markets."

The bill's supporters reacted swiftly -- and confidently -- to the veto.

"Back home in Montana, we say you shouldn't bring a knife to a gun fight," said Sen. Max Baucus, D-Mont. "We've got the votes to override the president and make the farm bill law, and that's what this Congress will do."

U.S. Sen. Charles Schumer said upstate New York farms will benefit under the farm bill.

"This bill is a huge win for New York state's farmers, as they struggle with the now staggering cost of feed and fuel," the senator said.

"It has two solid provisions that will give the twin pillars of New York's farm community -- dairy farmers and specialty-crop farmers -- a much-needed shot in the arm."

The MILC Program raises the repayment rate for dairy farmers from 34 percent to 45 in cases where the price of milk falls below the target price, which is currently about $17.