Despite the House’s passage of the 2013 Farm Bill, the future of the farm sector still looks grim and many farm advocacy groups remain wary about the future of federal farm programs.
For more than a year, farm legislation has remain trapped in congressional limbo, a situation that will affect individual farmers as well as the farm loans market. Despite months of pressuring and lobbying by farm advocacy groups last year, the House refused to bring the 2012 Farm Bill to the floor for a vote. Despite the support of Republican leaders like John Boehner and Eric Cantor this year, the farm bill was still defeated in the House.
While the House finally passed a new farm bill, its future is still uncertain. With the House bill splitting food stamps and nutritional subsidies from farm legislation, the bill is almost certain to be defeated in the Senate.
If a new farm bill can’t be passed in the House and the Senate, Congress will have to extend the current farm bill (one that waste billions of dollars in direct payment subsides) or risk the expiration of desperately needed farm subsidies. Without crop insurance programs, conservation funding, loans and grants for new farmers, the farm sector may be in for a rough future.
To learn more about large or small farm loans, contact a Farm Plus Financial representative by calling 866-929-5585 or by reading up on types of farm loans.
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Written by: Justin Ellison / Farm Plus Staff Writer