The Inflation Reduction Act passed in the House: How the agriculture industry is responding
The Inflation Reduction Act has passed in the House and the agriculture industry is responding.
The $430 billion package is targeted at fighting climate change, slashing the national deficit and lowering the price of prescription drugs. However, many republicans are not happy with the passage.
Senator Chuck Grassley out of Iowa says farmers are already paying too much for inputs right now.
“We already have two, three hundred percent increase in fertilizers this year, and corn is not at the highest price that it’s been. And if we don’t get seven-dollar corn with this high price of inputs to agriculture, and this bill isn’t going to help any of that, it’s going to hurt American agriculture.”
House Ag Ranking Member, Glenn ‘GT’ Thompson, also responded to the passage and said, “This bill only complicates the pathway to a Farm Bill and creates even greater uncertainty for farmers, ranchers and rural communities.”
Ag Secretary, Tom Vilsack, thanked Speaker Pelosi for quick approval. He said, “The Inflation Reduction Act will provide significant support for farmers, ranchers and forest landowners as they care for our precious land, adapt and mitigate to climate change and ensure America remains a food secure nation.”
And from the Renewable Fuels Association, “When it comes to ethanol and other renewable fuels, this bill represents the most significant federal commitment to low carbon biofuels since the Renewable Fuel Standard was expanded by Congress in 2007.”