If Congress doen’t pass a new farm bill, milk prices could skyrocket.
The New York Times reports milk prices could double without action.
“The government would have to follow an antiquated 1949 farm law that would force Washington to buy milk at wildly inflated prices,” said CNBC’s Mandy Drury Friday.
The current average price for milk is $3.65 per gallon.
The farm bill has largely gotten lost in the shuffle in Washington amid other problems, including the so-called fiscal cliff.