by Nate Wooley | January 2, 2013 10:34 am
The price of milk, set to rise because of a lack of action on the Farm Bill by Congress, will remain stable for the next nine months.
Congress passed a short-term extension of the Farm Bill last night as a part of the overall “fiscal cliff” deal, The Wall Street Journal reports. The extension was written into the legislation early Tuesday morning in the Senate and became law when the House of Representatives voted to pass the bill around 11 p.m. Tuesday.
Congress had been unable to renew the 2008 Farm Bill. If it had expired, a 1949 law would have taken over that set a floor for milk prices that is more than double the current market cost.
The nine-month extension allows the next Congress — which takes over tomorrow morning — to consider extending the 2008 Farm Bill or to write entirely new legislation controlling agriculture.
Also in the extension are continuing subsidies for other crops, including corn, wheat, soybeans and more. The subsidies will continue until the current federal fiscal year ends in September.
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