Hoeven: USDA to get CCC replenishment after June 30 | TheFencePost.com

Hoeven: USDA to get CCC replenishment after June 30

-The Hagstrom Report

After Agriculture Secretary Sonny Perdue said Wednesday that he has only $6 billion in Commodity Credit Corporation authority to spend on coronavirus relief until a $14 billion replenishment arrives “later,” a spokesperson for Senate Agriculture Appropriations Subcommittee Chairman John Hoeven, R-N.D., explained the situation to The Hagstrom Report.

“The language included in the CARES Act allows an additional reimbursement of $14 billion earlier in the year to enable USDA to spend up to $44 billion in CCC during FY20,” the spokesperson said. “The replenishment will be provided based on the June 2020 report (on CCC activities) and will come after June 30, 2020, when the financial statement is completed.”

Without this action, CCC spending would be limited to $30 billion in the fiscal year that ends Sept. 30.