The budget resolution includes:
$5.5 billion in mandatory spending for fiscal 2000, which needs to be released before October 1. The agriculture committee will determine specifically how this money for economic assistance will be spent.
$1.64 billion for fiscal 2001 to provide assistance for producers of program crops and specialty crops.
$8.2 billion for crop insurance/risk management for fiscal 2001-2005. Another year was added to the program set up in last year's budget resolution.
Here is Sen. Grassley's comment:
"It's important to understand that there's a crisis in rural America, even while the rest of the economy's been growing. Depressed markets have left our farmers with the lowest prices in 25 years. Washington needs to help farmers survive and manage the unique and inherent risks in farming, while working aggressively to open new markets at home and abroad. The money called for in this budget resolution will help to provide short-term economic assistance to farmers who need help this year and crop insurance reforms that will help producers effectively manage their risk in the years to come."