(Image source: BlissTree)

BY CHARESSE JAMES AND CHRISTINA HARTMAN

No deal on the fiscal cliff, but Senate and House Agriculture committee leaders say they have a deal to avert the so-called “milk cliff.” That’s one step closer to keeping dairy prices from skyrocketing in 2013.

VIA FOX BUSINESS: “The leaders on the House and Senate Agriculture committees agreed to a one-year extension of the 2008 farm bill that expired back in October.”

What was the rush? Dairy subsidies expire Monday. The measure still needs approval from both the House and the Senate, and it only extends the farm bill by a year. But USA Today’s Christopher Doering reports without some sort of deal...

“...prices paid by the government to farmers would revert back to higher 1949 levels. Economists have warned the price consumers pay for milk could double as a result. Wheat and other commodities would be impacted later in 2013.”

The anticipated price for milk should the temporary extension bill not pass? Between $7 and $8 a gallon.

But according to U.S. Secretary of Agriculture Tom Vilsack, the price of milk is only one of the consequences should the temporary agreement - and eventual permanent law - not pass:

VILSACK, VIA CNN: “It impacts those of us concerned with the energy security of this country because the farm bill is contains ways we can promote alternative energy sources, ways that we can create a biofuel industry that’s robust...”

But it’s not clear whether there’s enough enough time to pass the measure. A vote Monday is possible — but some House Republicans have in the past rejected the full-scale bill, saying it didn’t cut spending enough. Underscoring the urgency, Kansas Senator Pat Roberts told reporters if lawmakers were waiting for the last minute, quote, “...we’re sure as hell there.”

 

'Milk Cliff' One Step Closer to Deal

by Christina Hartman
0
Transcript
Dec 31, 2012

'Milk Cliff' One Step Closer to Deal

(Image source: BlissTree)

BY CHARESSE JAMES AND CHRISTINA HARTMAN

No deal on the fiscal cliff, but Senate and House Agriculture committee leaders say they have a deal to avert the so-called “milk cliff.” That’s one step closer to keeping dairy prices from skyrocketing in 2013.

VIA FOX BUSINESS: “The leaders on the House and Senate Agriculture committees agreed to a one-year extension of the 2008 farm bill that expired back in October.”

What was the rush? Dairy subsidies expire Monday. The measure still needs approval from both the House and the Senate, and it only extends the farm bill by a year. But USA Today’s Christopher Doering reports without some sort of deal...

“...prices paid by the government to farmers would revert back to higher 1949 levels. Economists have warned the price consumers pay for milk could double as a result. Wheat and other commodities would be impacted later in 2013.”

The anticipated price for milk should the temporary extension bill not pass? Between $7 and $8 a gallon.

But according to U.S. Secretary of Agriculture Tom Vilsack, the price of milk is only one of the consequences should the temporary agreement - and eventual permanent law - not pass:

VILSACK, VIA CNN: “It impacts those of us concerned with the energy security of this country because the farm bill is contains ways we can promote alternative energy sources, ways that we can create a biofuel industry that’s robust...”

But it’s not clear whether there’s enough enough time to pass the measure. A vote Monday is possible — but some House Republicans have in the past rejected the full-scale bill, saying it didn’t cut spending enough. Underscoring the urgency, Kansas Senator Pat Roberts told reporters if lawmakers were waiting for the last minute, quote, “...we’re sure as hell there.”

 

View More
Comments
Newsy
www1