USDA to Dip Into Extra Fund to Meet Farm Loans

Secretary Tom Vilsack has informed Congress that he plans to tap into a $500 million discretionary fund to help USDA’s Farm Service Agency deal with a projected shortfall in money available for guaranteed loans, Agri-Pulse reports.

Thanks to “low commodity prices and a dramatic decline in farm income over the past two years,” FSA has just about run out of the $2 billion Congress approved for its loan program three months before the end of the fiscal year, according to the news service.

Eight national farm and financial groups asked Congress in June for more funds for operating loans.

Source: Politico

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