Tagged: Farm Bill

You've heard of the "fiscal cliff," but have you heard of the milk cliff"?

If Congress doesn't take action in the next four days, milk prices could shoot up dramatically.

Here's why:

Among the loose ends that lawmakers would like to tie up before the end of this lame-duck session is the farm bill, which is made up mostly of crop subsidies and food stamps.

The last farm bill expired in September. The Senate has passed a new one; the House has not. Farm-state lawmakers are urging leaders to include a farm bill as part of any budget deal to avert year-end tax increases and spending cuts.

But not everyone thinks that's a good idea.

Congress is set to make a brief appearance in Washington this week, then recess until after Election Day. That means a farm bill is likely to be left undone, just one of the many items on lawmakers' "to-do" lists that won't happen anytime soon.

This summer's drought has hit more than half the states in the country. Crops are suffering, but farmers might not be. Most farmers have crop insurance.

U.S. taxpayers spend about $7 billion a year on crop insurance. It's our largest farm subsidy.

And this subsidy goes in part to farmers — who will tell you themselves they aren't so sure about the whole idea. "I have an aversion to it," says Jim Traub, a corn and bean farmer in Fairbury, Illinois. "But you're not going to turn it down."