Sa grants program cut after $7.3B loan is approved
July 20, 2014 – At a press conference today, U.S. Rep. Dave Brat, R-Va., announced that the House and Senate have voted to block the Obama Administration’s $7.3 billion loan to Freddie Mac. The House voted by unanimous consent on July 20, 2014, to prohibit the loan program from continuing, after its $7.3 billion funding was approved.
This victory ensures the continuation of the program that has allowed American communities and farmers to stay afloat in the wake of the economic downturn. For more than 40 years, Freddie Mac has been providing loans to American taxpayers for essential farm equipment and services. Despite these efforts and the unprecedented success of the program, as more and more Americans find themselves out of work, the program is facing threats from a variety of financial institutions and lenders.
For most of these concerns, the financial institutions and lenders that were originally responsible for the program have yet to make any new loans to the community based on repayment rates. In response to these concerns, the House and Senate are providing $1 billion in emergency funds to aid American farmers and ranchers that could make up to $1 billion in new loans if approved by Congress, with additional funding available if needed. Under this program, those in need should be able to recover their loans at any point in time.
« The $1 billion funding provided by Congress today demonstrates to the American people that Congress is willing to invest in our farm and ranch communities, » said Congressman Brat. « In response to the crisis facing farming communities and farmers, this program provides farmers and ranchers with support, tools, and training t우리카지노hat can provide them with the tools they need for return to full employment. »
During the past several years, Freddie Mac has received almost 100 new loans to help farm and ranch communities as a result of this continuing funding program. Congress’s action today is a significant step in the right direction to prevent similar disasters from becoming a reality for American farmers and ranchers.
« The American people have spoken loudly against any legislation that would threaten our financial stability and 더킹카지노our farmers and ranchers are looking forward to seeing the funds they so desperately need, » said Jim DeMint, chairman of the U.S. Senate, who previously served as U.S. Senator from South Carolina. « As the Senate continues to work with Congress to solve our farm problem, I strongly urge President Obama to immediately approve the funds for the government’s emergency 바카라사이트farm program. »