Cows near the cliff: Congress scrambles to avoid $6 gallons of milk12/29/2012
The House and Senate Agricultural committees have begun feverishly drafting legislation to avoid a spike in milk prices driven, in part, by a 1945 law that would require the government to buy up milk until the price was inflated to $6 a gallon. That would be bad news for breakfast, not to mention our two main food groups, cheese sticks and pizza. A short-term extension of 37 agricultural provisions will, we hope, rescue us from what's being called the "milk cliff," but will almost certainly put subsidy money in the pockets of farmers. [Source]
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