A decision of the expiring farm bill has been extended another year, preventing milk from doubling in price.
Milk prices won't be doubling after all, according to report on the Huffington Post. Instead, the expiring farm bill will be extended one more year, allowing the direct subsides to growers to be continued. There is no time table for the vote on the bill to be taken in 2013. Farm-state lawyers agreed to the extension Sunday as milk was expected to double in price to $7 a gallon if the bill was allowed to run out. Oklahoma Republican Representative Frank Lucus, the chairman of the House of Representatives' Agriculture Committee, was hoping the bi-partisian bill would be signed by President Barrack Obama by Jan. 1. "It is not perfect - no compromise ever is - but it is my sincere hope that it will pass the House and Senate and be signed by …
With the Farm Bill tied up in legislation, milk prices could double, according to a report on dailyfinance.com and aol.com.
Tuesday, December 25, 2012
That bottle of milk you brought this week, could be double the price if the current farm bill expires with action being taken by the legislature, according to a report on dailyfinance.com and aol.com. The Farm Bill, which was started in 1933, is updated every five years or more. Right now, it is tied up in the legislature and being affected by the Fiscal Cliff negotiations. The New York Times reported if the present Farm Bill expires, the price equation go to its 1949 standard and government would pay more for milk. Agriculture Secretary Tom Vilsack said farmers will be in a hurry to sell to the governament, creating a shortage in the stores. It is estimated the price of milk could go as high as $8 from a current average of $3.69.