House Passes Bill to Provide $5 Billion to Commodity Credit Corporation
WASHINGTON (AP) _ The House passed and sent to President Reagan Thursday a compromise bill to provide an additional $5 billion this year to the Commodity Credit Corporation for crop price support programs.
The bill, passed 352-71, would allow the CCC to resume making loans and other payments to farmers.
The CCC ran out of cash on March 5. It has continued accepting applications for the crop programs, but has been unable to write checks because of the lack of money.
With the $5 billion, CCC spending during the current fiscal year would reach 19.6 billion. However, according to congressional estimates the agency would still need an additional $2.4 billion to carry its operations through the end of the fiscal year on Sept. 30.
The bill also includes language saying the Reagan administration should spend the full $1.7 billion authorized for loans by the Farmers Home Administration, and that additional loans should be made available if needed.
FmHA loans are used to help farmers finance the planting of their crops.