Schumer: Fiscal cliff would double milk prices
ALBANY, N.Y. (AP) -- Sen. Charles Schumer warns that if Washington doesn't avoid the so-called fiscal cliff, New Yorkers could see the price of milk double and dairy farmers would suffer.
The Democrat says Congress must agree on a budget or a 1940s law will kick in on Jan. 1 that will trigger higher costs even as famers get lower prices under the government's subsidy program.
Schumer says Congress must approve a temporary return of the Milk Income Loss program that protects more than 5,400 dairy farmers in New York state.
The 2008 dairy law that protected farmers and consumers expired in September and must be renewed or the outdated law will kick in.
Schumer says that if it does, milk could cost $6 a gallon.
Copyright 2012 The AP.