• As if the fiscal cliff battle wasn’t enough, $6 milk may be next

    December 13, 2012 No comments

    The looming fiscal cliff isn’t the only battle lawmakers are fighting on Capitol Hill.

    There are concerns the price of milk could more than double to $6 a gallon if a new farm bill is not passed.

    The bill compensates dairy producers when milk prices fluctuate and cow feed costs jump.

    The Senate has already passed its version of new farm legislation, but House members are still in disagreement over their bill.

    If a deal isn’t reached by Dec. 31, the U.S. would revert to a 63-year-old policy that would require the government to buy nonfat dry milk, cheese and butter at prices much higher than current market rates.

    That would raise the price of all dairy products as farmers pass on the extra costs to consumers.

    Hoosiers typically buy milk for $3 a gallon or less. Milk is frequently sold for $2.50 at supermarkets.

    Posted by in Local News

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