An Administration-Wide Response to the Drought
Throughout much of the country, communities are struggling with one of the worst droughts to strike the U.S. in decades. The lack of rain and high temperatures have done considerable damage to crops -- particularly those in the Midwest.
Today, President Obama met with the White House Rural Council to discuss the steps being taken to help farmers, ranchers, and small businesses wrestling with this crisis.
As part of that response, the U.S. Department of Agriculture today announced that it will provide millions of dollars in assistance to restore livestock lands affected by the drought. The USDA will spend $16 million on technical and financial assistance for those whose crops or herds have suffered.
The USDA has also reduced interest rates on its emergency loan program and worked with the major crop insurers to allow farmers to forego interest payments on unpaid premiums until November. The National Credit Union Administration also announced that more than 1,000 credit unions are increasing their lending to small businesses -- including farmers.