$8 gallon milk coming to the U.S.?
The price of bread. How much a dozen eggs will cost. All of those things have big implications for the working poor in the U.S, and soon, families could be forced to pay as much as $8 for a gallon of milk if Congress fails to act on a farm bill before the end of the year.
Washington's gridlock is sending the U.S. over the "fiscal cliff," and could send the price of milk soaring over the "dairy cliff" if federal agriculture subsidies aren't approved by December 31st. Congress must act on the continuation of a 1949 policy that requires that the government buy milk from dairies to break the impasse.
There are major differences between a bill passed by the Democratic led Senate and the GOP dominated House, which has yet to muster votes to take any action. Disagreements over how to subsidize farms, how much to cut the food stamp program, and how dairy prices should be stabilized are some stopping points.
Political gridlock might mean an untimely end to the milk mustache.
(image credit: medexpressrx)
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— By David Worthington on December 26, 2012, 4:00 PM