NFU President Asks for Five-Year Farm Bill as Part of Effort to Avoid Fiscal Cliff
National Farmers Union is urging Congress and President Obama to reach a balanced agreement to reduce the federal deficit that includes a five-year farm bill and an extension of the Production Tax Credit for renewable energy. NFU President Roger Johnson says besides increasing some taxes - strategic cuts should be made to government spending. Among them - he says - should be the inclusion of a five-year farm bill. He notes both Agriculture Committees and the full Senate passed bipartisan versions of the farm bill that will save between 23-billion and 35-billion dollars. Johnson says a compromise version of this five-year farm bill is a smart way to cut spending that Republicans and Democrats can agree to.
The Production Tax Credit is set to expire on December 31st. The PTC provides an income tax credit for the production of electricity from renewable sources of energy. Johnson called for an extension of the credit - noting the benefits to rural development are enormous and will give farmers and ranchers the chance to diversify their operations by receiving lease payments. He says an extension will also save 37-thousand jobs and increase energy security by continuing to diversify our energy supply.
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