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Will Milk Go Over the ‘Dairy Cliff’? [VIDEO]
There’s the Fiscal Cliff, and then there’s the Dairy Cliff. And, it could double the cost of milk. While the Senate’s approved its Farm Bill, the House of Representatives hasn’t. If that’s not wrapped up by January 1st, by law, the Government must step in and buy vast quantities of wholesale milk; at twice the market rate.
FOX News Radio’s Dominic Di-Natalie has more from Los Angeles:
That will force shortages in grocery stores because farmers will be making easy money selling to the government instead of the commercial market, and milk could hit $8 dollars a gallon. Chris Galen of the National Milk Producers Federation says this is simple for Congress to fix:
Galen: “The Farm Bill is like this low-hanging ornament on the Congressional Christmas tree, that if they just embrace it, they can automatically come up with tens of billions of dollars in budget savings, and then they can figure out where else they need to cut spending after that.”
The cost cuts are as much as $35 billion dollars in the Senate bill. The House is looking to shave around $22 billion.
Dominic Di-Natale, FOX News Radio.
Watch the VIDEO below for more on this story:
This is from House Agriculture Committee Chairman Frank Lucas (R-OK):
“We are exploring all options to prevent the 1949 farm bill from taking effect, especially as it relates to dairy policy. In any event, implementation of permanent law will take a considerable amount of time, and to that end, I call on Secretary Vilsack to carefully consider all relevant factors and to take public comment through a rulemaking process before proceeding.”