89 WLS - Deal could prevent spike in milk prices

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Deal could prevent spike in milk prices

7:28AM Monday
December 31, 2012

By MARY CLARE JALONICK
WASHINGTON (AP) - The leaders of the House and Senate Agriculture committees have agreed to a one-year extension of the 2008 farm bill that expired in October, a move that could head off a possible doubling of milk prices next month.

But House leaders have yet to say whether they will allow a vote on it.

The committee leaders announced Sunday that they had agreed on last-minute legislation that would extend the farm bill and replace dairy programs that expire at midnight Tuesday.

But the House GOP has yet to endorse the committees' extension agreement, and leaders are also considering two narrower extension bills: a one-month extension and an even smaller bill that would merely extend dairy policy. As of Sunday night, Republican leaders had not scheduled a vote on any of them.

NEW YORK (AP) - Stock futures are mixed on the year's final day of trading, with lawmakers trying to push through a last-minute deal on the budget.

Dow Jones industrial futures are up 3 points to 12,780. The broader S&P futures have added 2.1 points to 1,386.10. Nasdaq futures are down 3 points to 2,583.

There is a shortened day for bond trading Monday, but it's a full day for the stock markets. Volume is very low, however.

There are now just hours to go before the midnight deadline for the nation's so-called "fiscal cliff," if no deal is reached.

More than $500 billion in 2013 tax increases would begin to take effect and $109 billion would be slashed from defense and domestic programs.

Senate Majority Leader Harry Reid says negotiations are ongoing.

Flickr: egg and milk choices (Muffet)

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