Congress agrees to extend farm bill

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Story Created: Dec 31, 2012 at 5:18 PM CDT

Story Updated: Dec 31, 2012 at 6:09 PM CDT

On Friday we told you milk prices could go up dramatically if lawmakers didn't act on the expired farm bill. And Monday it looks like a deal has been reached to avert the so-called "dairy cliff".

Party leaders on the house and senate agriculture committees have agreed to a one-year extension of the expired farm bill. It's a proposal that would stabilize dairy prices.

There were fears milk prices, for instance, could more than double if the government reverted to an outdated pricing policy.

There's no word on when the deal might come up for a vote.

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