In a joint letter last week, ABA and several farming industry groups called on congressional budget committees to protect crop insurance as they develop budget proposals for fiscal year 2017, urging them not to reopen the 2014 Farm Bill in their efforts to reduce the national deficit.
Crop insurance is vitally important to the nation’s farmers, particularly after the Farm Bill placed a greater emphasis on risk management, the associations said. They added that the bill has already made significant contributions to deficit reduction, and that crop insurance is expected to come in $6 billion under budget between 2014 and 2023. Federal crop insurance has also reduced demand for ad hoc disaster assistance -- an entirely taxpayer-funded initiative.
Read the letter.