"This amendment busted the budget and that is not good for farmers, who benefit from the lower interest rates that come with fiscal discipline in Washington. This amendment would have taken one giant step back to when the government was telling farmers what to plant and when to plant it. That would be the only way to control the cost of this policy.
"Instead, farmers deserve to have Congress and the President deliver the outstanding items promised with passage of freedom to farm in 1996. We need to aggressively open new markets around the world, strengthen existing trade agreements, break down non-tariff trade barriers, continue the progress made on capital gains and estate tax reform, and make health insurance 100 percent tax deductible for the self-employed.
"I met with leaders of 12 farm groups three weeks ago. Each of these items was included on their list of top priorities. Removing the cap on loan rates was not on that list. This is a debate between farm policy that puts the government bureaucracy in charge and farm policy that looks forward and puts decisions in the hands of farmers."
On Tuesday, Sen. Grassley filed two amendments to the agriculture appropriations bill under consideration by the Senate. The first would re-authorize fast-track trading authority for the President. The second is a resolution calling on Congress to act on fast track and six additional measures. The resolution calls for passage of the bi-partisan Grassley/Baucus Farmand Ranch Risk Management Act to would establish tax-deferred savings accounts for farmers. It also calls for IMF funding, sanctions reform, "normal trade relations" status for China, additional capital gains and estate tax relief, and stronger oversight on trade agreements affecting agriculture.
Sen. Grassley is chairman of the Senate Subcommittee on International Trade. He is also a member of the Agriculture Committee.