Massive Economic Rescue Package Includes Billions for Agriculture

WASHINGTON, DC – The White House and Congressional leaders finally reached a compromise deal early Wednesday morning intended to provide economic relief during the COVID-19 pandemic. Sen. Mitch McConnell (KY-R) is the Majority Leader in the upper chamber and said the package will inject trillions of dollars quickly in hopes of restarting what was a booming economy. That “boom”, however, has not been shared by farmers and ranchers who have been dealing with years of low prices, trade disruptions, and increasing bankruptcies. According to Agri-Pulse, the $2 trillion rescue package would provide $14 billion to replenish the Commodity Credit Corporation (CCC) paving the way for another possible round of Market Facilitation Program (MFP) payments later this year (MFP 3.0). It would also invest $9.5 billion for livestock, dairy, and specialty crop producers. If passed by both chambers and signed into law, the legislation would also extend marketing assistance loans by an additional three months, allowing producers with interim financing for a full year.