As Congress kicks the farm bill can down the road, USDA Secretary Tom Vilsack has potential remedies for farm programs.
Legislative logjam: Congress is on its third extension of work on the farm bill after prolonged debate created a logjam and kept lawmakers from passing the legislation. Other congressional priorities could keep the bill on the back burner for a while.
Funding fiasco: But issues covered by the farm bill are top-of-mind for farmers. Specifically, reference prices of commodities are a key issue amid anxiety over falling grain prices. Funding an increase in reference prices is a “big-ticket item”… with a big price tag.
Outside thinking: Debates around reference price funding included finding funds within the bill, which is projected to top a trillion dollars. However, Vilsack says funds could be found outside of the farm bill.
Vilsack argued that the Commodity Credit Corporation (CCC) fund can be used to address funding challenges. The CCC serves as a $30B discretionary fund for the USDA to tap for various programs.
Vilsack says the funds can assist producers “through a difficult time.” Meanwhile, economists have argued for Congress to implement more oversight of CCC usage.
Where this goes: With Congress still debating financial appropriations for fiscal year 2024, as well as foreign aid packages, some speculate that introducing the farm bill in March is a best-case scenario.
TerraMagna Makes It Rain in Funding Round
TerraMagna of Brazil just made it rain in its most recent funding round. The startup secured $40M...
U.S. Cucurbit Growers Getting Squashed
The American squash and cucumber markets might be in a little bit of a pickle, according to a new...
Meat Plant Mayhem… Again?
At meatpacking plants across the U.S., it’s starting to feel a little too much like deja moo… Who...