Stories all over the place indicate that the price of milk could go to as high as $8 a gallon if Congress doesn't get its act together.
The Washington Post Wonkblog (we are not making that last word up) explains that the Farm Bill is set to expire on Dec. 31. Apparently, if new legistlation isn't passed, the default legislation is a government dairy price subsidy—established in 1949—that required the Agriculture Department to purchase milk at inflated prices.
A Today Show report interviewed farmers, one of whom said he'd be happy with the higher income in the short term, but it would kill farmers in the long run. "What am I going to do with all this milk?" he asked.
CNN Money reports that the average price for a gallon of milk is $3.65 nationwide. And the government would be required to buy milk at double the going rate, so we we're looking at roughly $7.30 a gallon.
What do you think? Will you buy milk if it goes that high? What about families with young kids who drink a LOT of milk?
Also: Is this nuts, or what?
Let us know your thoughts in the comments section.