Today's Cotton Newsline is 5 cuts. All cuts are Robbie Minnich, Senior Government Relations Representative for the National Cotton Council office in Washington, D.C.
Suggested Introduction 1:
The National Cotton Council joined other commodity organizations for a meeting with USDA officials to discuss how sequestration
will affect crop marketing assistance loans. Robbie Minnich, Senior Government Relations Representative for the National Cotton Council office in Washington, D.C., joins us today to give a report of the meeting.
Suggested Introduction 2:
The group conveyed their concerns regarding:
Suggested Introduction 3:
The group also reminded USDA that sequestration did not apply to 2012 crop MALs and that sequestration on direct payments actually was increased to 8.5% to avoid having to "claw back" SURE payments.
Suggested Introduction 4:
USDA officials explained that under the statute, MALs are defined as payments, and therefore must be subject to sequestration.
Suggested Introduction 5:
Loan entries and redemptions both will be suspended while software changes are being made.