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Milk prices could jump if there's no new farm bill - WCAX.COM Local Vermont News, Weather and Sports-

Milk prices could jump if there's no new farm bill

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WASHINGTON -

Milk prices for farmers could actually surge higher if Congress fails to pass a new farm bill, but that would also mean sharply higher prices for dairy products at the grocery store.

The previous farm bill is about to expire. If a new one is not passed as part of the fiscal cliff deal, regulation of milk prices would automatically revert to a 1949 pricing system that would more than double the current price paid to farmers. Good news for farmers, but bad news for consumers, since processors and retailers would undoubtedly pass that higher cost on to consumers. Experts estimate it would mean retail prices surpassing $6 a gallon.

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