UNITED STATES -- A one year extension on the Farm Bill is imminent as the House and Senate agriculture committees have come to an agreement that would keep the price of milk from doubling.
The 2008 Farm Bill actually expired in September, but if a deal isn't signed before the start of the New Year, the price for a gallon could increase dramatically.
Not passing a new bill at the beginning of 2013 would force the government to revert to a 1940s law and its way of calculating milk price.
"If there is not an extension of the existing bill or a new bill basically on January 1st or shortly thereafter, permanent agriculture law goes back into place, 1949 law, which basically means the government, the federal government would go back in the business of strongly supporting the Dairy industry by raising the price support if you will or support for dairy products to $38 a hundred weight," said U.S. Agriculture Secretary Tom Vilsack.
Senator Charles Schumer said, "We need to pass this bill, because the dairy cliff will have a very bad impact on our consumers and our dairy farmers and the entire dairy industry."
Lawmakers are expected to vote on the extension as soon as Sunday evening.