Sen. Charles Schumer, D-N.Y., has announced a plan to bring immediate relief to U.S. dairy farmers currently under significant financial stress. Schumer says USDA has the power to provide emergency direct payments through the Commodity Credit Corporation.
Schumer notes that the current Milk Income Lost Contract pays dairy farmers back for 45 cents of every dollar less than the target price. Schumer's plan would be to tap into $600 million from CCC to raise the MILC reimbursement rate to 95% - or 95 cents for every dollar below the target price.
Schumer reasons that there's $10 billion available in the CCC budget, and he's only asking for $600 million. The senator proposes this as a stop gap measure as more long-term actions work their way through Congress, according to newspaper reports.
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