The United States has never defaulted on its debt but time appears to be running out for both sides of the aisle to come together on a debt limit deal. United States Treasury Secretary Janet Yellen says that by June 5th the United States will reach its debt limit unless a deal is agreed to and passed through Congress.
United States Senator Chuck Grassley (R-IA) says he has not yet made his final decision on the The GOP-White House debt limit deal.
Grassley says the deal could mean little new money for the farm bill, despite numerous pressing funding needs for farmers.
A three percent increase in defense spending, a boost in veterans? benefits, and an effective spending freeze for fiscal 2024 could dash hopes of many farm commodity groups to boost funding.
Grassley adds that any new farm bill spending would have to be offset by savings in other government agencies.
The GOP is also looking to the increased SNAP work requirements for savings, and House Ag Chair Glenn GT Thompson denounced a Congressional Budget Office estimate that the debt deal would add 78,000 to SNAP rolls by exempting some.
But even if CBO is wrong that SNAP spending will increase by more than $2 billion over ten years, Grassley says they and appropriators will have the last word, not the Ag committees.
Senator Grassley made his comments Tuesday morning during his weekly ag conference call with broadcasters and reporters.
