Lost in the “fiscal cliff” debate is debate about a new farm bill.

Lacking new farm legislation, some people think the prices of milk, cheese and ice cream will double or triple next year. And given the fiscal-cliff standoff, Washington isn’t inspiring a lot of confidence in its ability to address such pocketbook issues.

But others say that even if legislators fail to act on the farm bill, a spike in dairy prices next year is highly unlikely.

On Tuesday, federal price supports for milk revert to standards set in 1949. That’s because the farm bill and its modern price supports were allowed to expire this year. Based on the decades-old law, a gallon of milk that sells for $3.50 today should almost double to about $7. More at the Columbus Dispatch