Dairy Cliff Averted, Preventing Milk Price Spike

Lawmakers are trying to head off a possible doubling of milk prices in January.

Both parties on the House and Senate Agriculture committees have agreed to a one-year extension of the 2008 farm bill that expired in October, although Republican leaders have not decided how they'll proceed.

Agriculture Secretary Tom Vilsack has said that Americans face the prospect of paying $7 for a gallon of milk if the government returns to a 1948 formula for calculating milk price supports.