by William White | December 17, 2013 11:46 am
The price of milk could shoot up to anywhere from $6 to $8 a gallon in 2014.
The source behind the increase in the price of milk is the farm bill that is set to expire at the end of the year. Congress is currently working to find a solution to the problem, but a long-term fix is unlikely to be made before year’s end. If the farm bill does expire and the price of milk soars, then the price of other dairy products will also increase, reports Citizens Voice.
Congress does have an option that could help it buy time to find a long-term fix; extending the current farm bill. Congress already extended the current farm bill when it was about to expire last year and it may do it again. This solution would also keep the price of milk from increasing. If this isn’t done, Congress will have one month –the amount of time that the U.S. Department of Agriculture can keep the price of milk from increasing– after the farm bill expires to find a solution, Citizens Voice notes.
“We’re going to pass the bill in January,” Debbie Stabenow, a Senate Agriculture Committee Chairwoman, told Daily Record. “I’m confident that we’ll have no impacts on dairy in January.”
The opinions contained in this column are solely those of the writer.
Want to share your own views on money and politics? Drop us a line at email@example.com and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication.
Source URL: http://investorplace.com/investorpolitics/price-of-milk-cost-of-milk-farm-bill/
Short URL: http://investorplace.com/?p=451037
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.