Got $8 milk? Americans ponder effect of price spike if US goes over ‘dairy cliff’

Earlier this evening, President Obama introduced us to “ordinary folks” who get things done on deadlines. Our representatives have an opportunity to join that group if they manage to pass an extension to the expired U.S. farm bill by Monday. If they don’t? Government price controls on dairy products revert to a structure implemented in 1949, and milk prices could spike by an estimated $3 a gallon.

Some are calling it the “dairy cliff” or “milk cliff,” and no one’s happy about it.

So, milk will cost you $8, and if you’re lucky, you might score a box of stale Twinkies off of eBay for $50. Oh, and your paycheck could be smaller thanks to the expiration of the Bush tax cuts.

Legislators are reportedly working out a short-term extension tonight and hope to vote Monday, the last day of the year.

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