Today I have directed Secretary Glickman to take immediate measures to provide urgently needed resources to our Nation's farmers as they enter the spring planting season. I asked Congress to pass emergency funding of $150 million to provide more than $1 billion in loans for farmers and ranchers. Unfortunately, Congress did not complete action before leaving for a 2-week recess, in spite of the fact that many of our Government's critical emergency farm loan programs are set to run out of funds in the next several weeks.
Therefore, I am taking this immediate stopgap measure so that our farmers, who face continuing low crop prices and difficulty in securing private loans, will be able to finance spring planting. This action will make more than $300 million in loans available to farmers and ranchers. I urge Congress when it returns from its recess to move immediately on our emergency request for funds for farm loans.
NOTE: The President's remarks were recorded at approximately 12:30 p.m. in the Oval Office at the White House for later broadcast. These remarks were also made available on the White House Press Office Radio Actuality Line.
William J. Clinton, Radio Remarks on Emergency Farm Measures Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/229788
