Letter from the President -- Budget Program Revision for the Commodity Credit Corporation for Fiscal Year 2015
October 14, 2014
Dear Mr. Speaker:
Consistent with section 5 of the Commodity Credit Corporation Charter Act (15 U.S.C. 714c) and the Government Corporation Control Act (31 U.S.C. Chapter 91), I hereby notify the Congress of a budget program revision for the Commodity Credit Corporation (CCC) for Fiscal Year (FY) 2015. The revisions total up to $300 million and reflect the payments that the United States is making, pursuant to a Memorandum of Understanding between the United States and Brazil of October 1, 2014, in connection with termination of the World Trade Organization (WTO) "Cotton dispute" (WT/DS267) brought by Brazil with respect to which the WTO made adverse rulings regarding certain United States cotton programs and export credit guarantees (GSM-102).
For FY 2015, the budget estimates for CCC, as amended by the Mid-Session Review, of $6.074 billion in net outlays would be increased by $300 million, to $6.374 billion.
The details of this action are set forth in the enclosed letter from the Director of the Office of Management and Budget. I concur with the Director's comments and observations.