A total of 60 farmer and agribusiness groups have penned a letter to congress urging for the protection of crop insurance from budget cuts. The letter comes as congressional leaders negotiate the federal debt ceiling. The House and Senate Agriculture committees are starting to look into programs for the next five-year farm bill, focusing on risk management.
Crop insurance has been expanded in past farm bills, along with broadening insurance for more specialty crops. The 60 groups referenced the recent headwinds the last several years have brought to agricultural producers. From weather disasters and geopolitical challenges to COVID-19 and supply chain disruptions, crop insurance remains one of the few certainties farmers can rely upon. The letter also pointed out that farmers spend as much as $4 billion per year of their own dollars to purchase insurance from the private sector and more than $6 billion in the last year alone.
As the industry awaits the White House’s proposed budget, likely to come out later this month, farm groups continue to educate leaders on the importance of a robust farm safety net.
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