Failure to pass farm bill could send milk prices soaring

Milk prices across the U.S. could soar as high as $8 a gallon Jan. 1 if Congress fails to act on a farm bill that has been overlooked in the deadlock between the Obama administration and congressional Republicans over the budget. Unless Congress takes last-minute action, a 1949 law will take effect, requiring Washington to buy milk at about twice the current market price, driving prices for all buyers sky high.

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