Congress has much work to finish before the session ends, including the Farm Bill.
Iowa Senator Chuck Grassley has said another extension will likely be required, but he warns the nation’s finances will look a lot different next year.
“I think by then, the financial situation and the prospects of it getting much worse over the next ten years based on CBO’s projections, it’s going to force both political parties to look a little more fiscally conservative.”
Most of the tension surrounding the Farm Bill stems from SNAP benefits. Grassley says Pandemic-era hikes within the program take up a lot of money. The Congressional Budget Office warns the national debt could reach more than $55 trillion over the next ten years, further complicating an already delicate situation.
Financial troubles are leading more farmers to supplement their income away from the farm. The Census of Ag shows that around 40 percent of America’s farmers work more than 200 days away from their operations. The survey found that off-farm income is a major source of money for farm households, with a lot of those dollars going to fund retirements. An Ag Resource Management Survey shows more than half of family farms were not profitable in 2022.
