Farm Bill Extension Halts Milk Price Increase

Milk prices won't be doubling after all, according to report on the Huffington Post.

Instead, the expiring farm bill will be extended one more year, allowing the direct subsides to growers to be continued. There is no time table for the vote on the bill to be taken in 2013.

Farm-state lawyers agreed to the extension Sunday as milk was expected to double in price to $7 a gallon if the bill was allowed to run out.

Oklahoma Republican Representative Frank Lucus, the chairman of the House of Representatives' Agriculture Committee, was hoping the bi-partisian bill would be signed by President Barrack Obama by Jan. 1.

"It is not perfect - no compromise ever is - but it is my sincere hope that it will pass the House and Senate and be signed by the President by January 1," said Lucas, Sunday.