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Washington Report presented to National Cotton Council Board of Directors Asheville, NC August, 2004. Presentation Summary. Congressional schedule Issues and legislation-108 th Congress 2004 Elections Issues and legislation-109 th Congress. Congressional Schedule.

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Presentation Summary

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  1. Washington Reportpresented toNational Cotton CouncilBoard of DirectorsAsheville, NCAugust, 2004

  2. Presentation Summary • Congressional schedule • Issues and legislation-108th Congress • 2004 Elections • Issues and legislation-109th Congress

  3. Congressional Schedule • September 7: Congress returns • September 15-16: Rosh Hashanah • September 24: Yom Kippur • October 1: Target adjournment date • November 2: Election day • ????: Lame Duck Session

  4. Key Issues/Legislation-2004 FY’05 Appropriations FSC/ETI Miscellaneous Tariff Transportation Energy Tax Extenders Immigration Free Trade Agreements Haiti Lame Duck: Appropriations and Trade

  5. Legislation-pending • FSC/ETI • benefit distribution • tobacco buyout • Transportation • Energy • Tax extenders • Miscellaneous tariff • FTA’s • CAFTA and Dominican Republic • Haiti

  6. FY’05 Appropriations • Congress must pass 13 appropriations measures or a Continuing Resolution • Agriculture appropriations • Funding allocation below ’04 levels • Cut mandatory conservation programs by $450 million to pay for discretionary programs • No farm bill amendments in House • Senate to begin to consider Sep. 8 • Cotton funding priorities • BWE and PBW • Earmarked research projects • Oppose all damaging amendments

  7. Trade Legislation/Negotiations • Legislation approved by 108th Congress: • AGOA extension • Australian FTA • Moroccan FTA • Legislation pending: • CAFTA and Dominican Republic • Negotiations final, awaiting signature: • Bahrain • Negotiations on-going: • Andean, FTAA, SACU, Panama, Thailand

  8. Elections & 109th Congress

  9. Elections House: 229-205-1 Senate: 51-48-1 • Senate vacancies: NC, SC, GA, FL, LA, OK • House: Burns, Boyd, Pearce, Renzi Texas: incumbent vs incumbent Vacancies: NC, OK, LA (3), CA (2), GA (2) Agriculture: Roberts/Chambliss Harkin Approps: Cochran Byrd Budget: Gregg Conrad Finance: Grassley Baucus

  10. 109th Congress & Cotton Issues • Brazil case-final ruling • Budget reconciliation • WTO on-going negotiations • Reconfirm US membership in WTO • Extend Trade Promotion Authority 2 years (June 05) • Begin new farm bill hearings

  11. Budget Reconciliation-2006 • Projected deficit: $400 bil FY06 and $4 trillion over 10 years • Deficit reduction target and agriculture’s share vs defense, veterans and tax cuts • Perception of 2002 farm bill-written during time of budget surplus • Commodities 65%; conservation 23%; nutrition 9%; other 3% • Influence of adverse ruling in Brazil case; anticipation of results of on-going WTO negotiations

  12. Budget ReconciliationDeficit Reduction-Brazil-WTO • Cotton ‘targets” • Step 2 • Payment limitations • Certificates • GSM export credit • Specialty crops • $5 billion in new mandatory programs • Eliminate FAV planting restriction

  13. 2004/5 Crop • Loan entries and redemptions-processing time • Beneficial interest-LDP’s on “gin direct” sales • LDP’s on modules • Centralized Certificate Redemptions (CCR)

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