New debt ceiling raises uncertainty in future funding of ag spending
New debt ceiling raises uncertainty in future funding of ag spending
WASHINGTON — The hard-fought budget ceiling bill President Obama signed Aug. 2 may have implications for agriculture programs, spending at the Food & Drug Administration and the farm bill, but it’s still too early to tell, according to produce industry sources.
The new law sets up a two-part process for cutting spending and avoiding a debt-ceiling crisis. For the first part, Congress will follow a 10-year spending cap that would generate nearly $1 trillion in deficit reduction.