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Milk prices could soar if deal on 'fiscal cliff' not met

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    Dominic Di-Natale reports from Los Angeles

  • Duration 1:57
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Fiscal cliff concerned the price of milk if congress doesn't take action before New Year's Day the price could more than double -- -- tally is live.

Los Angeles right now to explain for us hi Dominick.

-- -- -- -- -- -- -- -- -- -- three dollars 65 right now at Billick it was billions of dollars in agricultural programs is stocking congress and think they also knew what.

The government's gonna have to stop buying up masses of quantities of milk and an -- dated 1940 knowing little.

Could cause real complications.

From his -- -- would actually sell them milk directly to the government first because it's like to pay twice the market rate.

That it creates -- milk sold seats in commercial supplies and batted -- the price consumers pay.

The problem is that the senate has passed the farm bill agriculture committee is passed a similar bill.

And also identical to differences -- so -- it's just that the full Hansen represented states hasn't approved the bill.

And it's come down to the wire -- again.

The farm bill was like this -- low hanging ornaments.

On the congressional Christmas tree that if they just embrace it they can automatically come up with tens of billions of dollars in budget savings.

And then they can figure out where else they need to cut spending after that.

Now because that will be quite a gift back -- -- him.

Some Dominique is their way for them to dig themselves out of that's.

Well Chris get -- that -- saying that a quick way to solve this would be to have a quick conference committee.

-- nowadays relatively minor differences and -- to -- done.

Just last week the -- -- agriculture Tom Vilsack told reporters this is a bad outcome.

If dependable comes into effect what scenario is to attach a farm bill extension to the fiscal cliff legislation.

If a compromise is reached in time talks under way this morning clock is ticking more farmers -- -- The daily fiscal cliff -- again aptly named -- -- -- Kelly live in LA for us banks.

And a deadly.

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