Senate Ag Committee Chair Debbie Stabenow says it would be a disaster for the ag industry if the U.S. were to default on its debt.
“Every farmer is operating with loans, interest rates would skyrocket, programs would stop,” she says. “We don’t know what would happen around crop insurance, we would don’t know what would happen in other programs that would have to stop.”
One of the hold-ups in debt ceiling negotiations has been House Speaker Kevin McCarthy’s push for work requirements in some federal aid programs, like SNAP.
