Biden Administration Proposes to Spend $500 Million on Food Production

The Biden administration is calling on Congress for $33 billion in additional support for the people of Ukraine, who are still struggling under the Russian attack. 

Included in that proposal is $500 million in domestic food production assistance. 

The funds will support the increased production of U.S. food crops that are experiencing a global shortage due to the war in Ukraine, including wheat and soybeans. 

In a release from the White House, the administration says, “Through higher loan rates and crop insurance incentives, the request provides greater access to credit and lowers the risk for farmers growing these food commodities while lowering the cost for consumers.” 

Additional funding will also allow the use of the Defense Production Act to expand domestic production of critical minerals and materials disrupted by the war in Ukraine. 

The administration says these proposals help address economic disruptions and reduce price pressures at home and around the world.

(Story Courtesy of the NAFB News Service)