Top negotiators now acknowledge that a new Farm Bill won't be ready to pass before the House plans to adjourn on Friday, but say that they should be able to unveil their measure in early January and avoid a spike in the nation's milk prices.
Current agricultural policy is set to expire on Jan. 1, when several agricultural policies expire and would revert back to laws passed in the 1930s and 1940s. Some have warned that those changes could cause an almost immediate spike in the price of milk, to as much as $7 per gallon.
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