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Milk Prices Set To Take A Big Jump

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milk
milk

There’s one potential casualty of the fiscal cliff that hasn’t gotten much attention at all: the price of milk.

Come Dec. 31, Washington’s inaction could push the country’s milk prices to as much as $6 to $8 dollars per gallon unless Congress passes a farm bill renewing federal support for agriculture programs. 

Here’s how that would happen: Without legislative action in the next five days, the government will have to revert to a 1949 dairy price subsidy that requires the Agriculture Department to buy milk at inflated prices. Much like the current fiscal cliff, the law was left on the books “as a poison pill to get Congress to pass a farm bill by scaring lawmakers with the prospect of higher support prices for milk and other agriculture products.

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