Agriculture Secretary Tom Vilsack says the U.S. Department of Agriculture needs more funding to continue distributing aid to farmers hit by low commodity prices. Vilsack said last week “hopefully, with the continuing resolution, we can take a look at what additional steps we might be able to provide” to farmers and the agriculture industry. Senate Majority Leader Mitch McConnell, R-KY, introduced a stopgap funding measure last week that would also accelerate reimbursement funding for USDA’s Commodity Credit Corporation, a USDA-run entity that helps farmers endure unstable market prices by providing loans and purchasing surplus commodities.
Media reports say President Barack Obama requested the provision in August, saying the Commodity Credit Corporation would exceed its $30 billion borrowing limit during the period of the continuing resolution and needed its annual reimbursement moved forward to continue operating.
Source: NAFB News Service