LUBBOCK, Texas (KCBD) - A new government funding and spending plan put forth by House Republicans has failed.

It comes after House Speaker Mike Johnson pulled a bipartisan measure late Wednesday night.

Johnson faced opposition from fellow Republicans including President-Elect Donald Trump.

This latest spending plan, proposed by House Republicans and backed by President-Elect Trump, would have extended funding through March 14th, suspended the debt ceiling for two years, extended the 2018 farm bill, and provided economic assistance for farmers and those affected by natural disasters.

Trump praised the deal on social media Thursday calling it a success but House Democrats and 38 Republicans were not on board.

The final vote was 174 to 235, against.

If lawmakers are unable to reach an agreement before midnight in Washington, D.C., Plains Cotton Growers CEO Kody Bessent says the consequences would be dire.

"It is critical at this point and juncture that Congress stands up and recognizes how the financial crisis is in the ag economy at this point," Bessent said.

That's why PCG, along with many other farm groups, oppose a short-term spending package without financial assistance for farmers.

Bessent believes an extension of the farm bill alone is not enough to stop the bleeding in the ag industry.

"Even if we do a straight extension or even an extension plus, that does not bridge the financial and economic crisis that we are seeing and that's all the more importance of having economic assistance come forward right now," Bessent said.

PCG reports cotton farmers will lose as much as $300 per acre this year, due to high input costs and low market prices.

Texas Agriculture Commissioner Sid Miller believes the losses are unsustainable.

"A lot of them are going to go out of business, they'll be bankrupt if we don't do something. We got to get in there, prop our farmers up, and make sure they stay in business to fight another day or grow another crop," Miller said.

Hobbs, New Mexico congressman Gabe Vasquez, a Democrat and member of the House Committee on Agriculture, agrees that farming is in an economic crisis.

That's why he planned on voting for the previous bipartisan measure released Tuesday before it was scrapped.

He says farmers can't afford to wait until the new administration.

"I'm very frustrated by both the lack of movement on a farm bill and also the blatant disregard I think for these very important programs that help benefit and support farmers in the continuing resolution," Vasquez said.

Despite the fighting in Washington, D.C., Bessent remains hopeful that Congress will do the right thing.

He says the time for action is now if the U.S. wants to remain the predominant ag industry in the world.

"That will only come if they can provide this short-term gap of assistance and then go into the new administration and develop a new and robust farm bill to help protect the ag economy," Bessent said.

KCBD reached out to Lubbock Congressman Jodey Arrington for a statement on the house's latest proposal.

He said he voted for the bill, despite it raising the debt ceiling, saying he trusts President-Elect Trump's strategy to reduce spending.

He did not address the farm bill or economic assistance for farmers.