“Dairy Cliff” May be Avoided for at Least 1 Year

Fiscal Cliff Dairy Prices
AP

Farm-state lawmakers have agreed on a one-year extension of a farm law that, if enacted, would head off a possible doubling of U.S. milk prices to $7.00 or more a gallon in 2013, Reuters reported. The compromise resulted from bipartisan discussions in the House of Representatives' Agriculture Committee and talks with colleagues in the U.S. Senate, Frank Lucas of Oklahoma, the House panel's chairman, said in a statement on Sunday. "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 the President by January 1," Lucas, a Republican, said. It was not immediately clear whether House and Senate leaders would bring the measure to a vote soon enough to avoid putting the so-called "dairy cliff" milk price spike into action.

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