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Detailed text transcripts for TV channel - MSNBC - 20121228:16:34:00

double? within the new year? it could. you say milk cliff or dairy cliff, it s easy to chuckle, but it is a serious topic. milk is a staple in every household. it has to do with the 1949 farm yes, 1949 farm bill that was passed that basically protected farmers against sudden spikes in the cost of grain, sort of capped their costs. you say, well, grain, of course you feed your dairy cattle grain and feed. if they don t have that insurance on feed costs, then obviously their feed costs will spike, they re not going to go out of business. they re not going to lose money. they re going to pass it on. so there is talk out there if this farm bill is not extended as part of this or a separate deal, that farmers will be able to charge what they want. that could lead to milk even more than doubling. it s about 3.50 to 3.75

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