There’s a small move away from the edge of the cliff regarding the Farm Bill. The U.S. House of Representatives passed by voice vote a measure to extend the provisions of the current farm law to Jan. 30, 2014. U.S. Rep. Aaron Schock (R-Peoria) explains it: “The conference committee has yet to reach an agreement. They continue to do their work. In the meantime, Republicans and Democrats agreed unanimously to extend the current farm bill legislation until Jan. 30,” he said.
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If the Senate agrees to the same thing, that will give the conferees from the House and Senate more time to reach agreement on farm legislation that’s good for several years without worrying about expiration. If farm legislation expires, some farm policies to revert to laws passed in the 1930s and 1940s – though Shock says the threat of a “milk cliff,” with the price of milk suddenly rising to $8 a gallon if farm legislation ran out, overblown.