$40 Billion in Ag Funding Included in ‘Inflation Reduction Act’ Passed by U.S. Senate

by | Aug 8, 2022 | Indiana Agriculture News, News Feed

The U.S. Capitol Building in Washington, D.C.

The U.S. Senate passed the Inflation Reduction Act over the weekend, which includes some $40 billion of agricultural-focused funding.

Passed along party lines, with Vice President Kamala Harris casting the tie-breaking vote, the legislation includes $4 billion for drought resilience directed to the Bureau of Reclamation, and $3.1 billion in funding for distressed borrowers of USDA loans, according to Politico. The legislation also includes funding for USDA conservation programs and rural development.

Both Sen. Todd Young (R-IN) and Sen. Mike Braun (R-IN) voted against the bill and issued statements via Twitter condemning the Senate’s passage of the legislation.

The bill also seeks to address prescription drug prices, climate, and reducing the federal deficit.

The legislation will now go before the U.S. House of Representatives.

Source: NAFB

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