House, Senate Ag Committees Reach Deal on One-Year Farm Bill Extension

A one-year extension of the 2018 Farm Bill was included in a stopgap spending bill released by U.S. House Republicans over the weekend.

The extension, if passed by Congress, would ensure that programs such as Agriculture Risk Coverage, Price Loss Coverage and Dairy Margin Coverage continue in effect for the 2024 crop year.

“As negotiations on funding the government progress, we were able to come together to avoid a lapse in funding for critical agricultural programs and provide certainty to producers. This extension is in no way a substitute for passing a five-year farm bill, and we remain committed to working together to get it done next year,” the four leaders of the House and Senate Ag Committees said in a statement.

Congress must pass the extension by early 2024 to avoid significant impacts to agriculture and consumers. If the extension isn’t passed, “permanent laws” that date back to 1938 and 1949 would become effective, and consumers would see major increases in the price of milk, wheat and other commodities.

“Farmers and ranchers across the country depend on the farm bill, especially as they face unprecedented weather and staggering input costs. The last thing they need is a lapse in funding of this critical safety net,” Texas Farm Bureau President Russell Boening said. “We thank the four leaders of the U.S. House and Senate Agriculture Committees for coming together to prevent any disruptions as they continue to work to pass a new farm bill. We strongly urge Congress to act swiftly, in a bipartisan fashion, on a new farm bill that achieves additional investments in crop insurance and other programs that help ensure our national food security.”

The farm bill is reviewed every five years to provide the opportunity to update programs to remain relevant to current market and economic conditions. The bill addresses farm program payments, food policy, conservation initiatives, rural development and more.