What is in this article?:
- On Aug. 2, Congress passed and President Obama signed the Budget Control Act of 2011.
- The legislation requires a Select or "Super" Committee to make drastic spending cuts in all areas of government.
- The National Cotton Council says the cuts could undermine the effectiveness of the current farm programs.
Brazil WTO case
The revenue-based crop insurance safety net would be complemented by a modified marketing loan that would be adjusted to meet the requirements of the Brazil WTO case.
“In the opinion of the U.S. cotton industry, this structure will best utilize reduced budget resources, respond to public criticism by directing benefits to growers who suffer losses resulting from factors beyond their control and build on the existing crop insurance program,” the NCC said.
“The industry also believes the revisions will provide confidence to lenders and ensure market-oriented production decisions that ultimately serve the long-term financial health of merchandizers, processors, related businesses and rural economies.”
For more information on the National Cotton Council and its position on farm policy, go to http://www.cotton.org.