‘Dairy Cliff’ is Possible

If Congress doesn’t address the farm bill before the end of the year, agricultural policy will revert to permanent law. Parity would push milk prices to more than $49 per hundredweight, more than double the current Class I price. If that ‘dairy cliff’ happens, Senate Majority Leader Chuck Schumer said there would be a recession in the next week. Speaking at a dairy farm in New York State, Schumer said Senate Agriculture Committee Debbie Stabenow and Ranking Member John Boozman will have a permanent farm bill ready before the end of the year. However, Washington insiders indicate a one-year farm bill extension is more likely.