Farm News

Inflation Reduction Act, Includes Ag Funding

The Inflation Reduction Act passed by the Senate over the weekend includes some $40 billion of agricultural-focused funding. Passed along party lines, with Vice President Kamala Harris casting the tie-breaking vote, the legislation seeks to address prescription drug prices, climate, and reducing the federal deficit. Senate Agriculture Committee Chair Debbie Stabenow, a Michigan Democrat, says the legislation “gives farmers the resources they need to tackle the climate crisis by reducing carbon pollution and other greenhouse gas emissions.” However, the committee’s top Republican, Senator John Boozman of Arkansas, alleges Democrats are “passing their far-Left agenda, including reviving parts of the radical Green New Deal, raising taxes on job creators, turbocharging the IRS to harass taxpayers, and expanding the federal government’s reach.” The bill includes $4 billion for drought resilience directed to the Bureau of Reclamation, and $3.1 billion in funding for distressed borrowers of USDA loans, according to Politico. The legislation also includes funding for USDA conservation programs and rural development.

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