Lawmakers have reached a deal on a sweeping farm bill that would cut food stamps by about $800 million per year.

Senate and House negotiators have been hammering out compromise legislation on the massive agriculture legislation since last year.

A GOP aide tells NBC News that a preliminary estimate shows that the cuts in the Supplemental Nutrition Assistance Program (SNAP) by about $8 billion over a decade – roughly a one percent cut.

The food stamp cuts had been a major sticking point in the negotiations. A House-passed bill cut $20 billion from SNAP over 10 years, while the Senate’s legislation cut $4.1 billion over that same period.

"Today's bipartisan agreement puts us on the verge of enacting a five-year Farm Bill that saves taxpayers billions, eliminates unnecessary subsidies, creates a more effective farm safety-net and helps farmers and businesses create jobs," said Sen. Debbie Stabenow, a Michigan Democrat and the head of the Senate Agriculture Committee.

The House is expected to vote on the bill on Wednesday.

NBC's Carrie Dann contributed to this report.