Congress Agrees On 9 Week Stopgap Bill

This week, the House voted to keep the United States government open for another nine weeks.

Rep. Steve Womack, R-Arkansas, Speaker Pro Tempore: "On this vote the ayes are 336, the nays are 95. Two thirds being in the affirmative, the rules are suspended. The bill is passed. And without objection, the motion to reconsider is laid on the table."

The Continuing Resolution was approved on a bi-partisan vote, but creates another potential government shutdown in mid-January.

The Senate put its stamp of approval on the bill and sent it on to the President’s desk for a signature later in the week.

Included in the stopgap spending bill was language that extends the 2018 Farm Bill for one year. The Extension means that current government crop and price subsidies and programs will cover the 2024 crop year. 

Sen. Charles Grassley, R - IA: “The positive is that the farmers will have the certainty of what they've had over the last five years of the 2018 farm bill. And and that's obviously not as good as if they could look ahead five years of what the program is.”

The exact terms of the now delayed 2023 Farm Bill are still being debated by both the House and Senate Agriculture Committees. Among the contentious topics are additional spending on crop insurance subsidies for commodity crops. Roughly two-thirds of the price of crop insurance is paid by taxpayers, but many in Congress are asking for additional subsidies to encourage higher participation rates by America’s farmers.

Negotiations are also focused on changing the calculations at the heart of the Agricultural Risk Coverage and Price Loss Coverage programs. The two programs provide financial protections against substantial drops in crop prices or revenues, and act as a safety net for a large percentage of U.S. producers.

For Market to Market, I’m Peter Tubbs.