Posted at: 06/29/2013 9:32 AM
MILWAUKEE (AP) — Congress' failure to pass a farm bill last week has already resurrected talk of a "dairy cliff," in which milk prices could skyrocket to $6 a gallon.
The dairy cliff became a topic of conversation last year as the 2008 farm bill and its milk subsidies were about to expire.
The law would have reverted to one in place in 1949 that requires the federal government to buy up dairy products until milk prices hit a certain point.
An extension of the current law has delayed that effect but it expires on September 30th, and consumers could see milk prices start to rise January 1st.
Another extension is possible, but lawmakers such as Senate Majority Leader Harry Reid are already saying they won't go for that.
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