Jansing and Co | December 21, 2012
Paying eight dollars for milk?
Milk prices could skyrocket to eight dollars gallon if Congress doesn't amend the Farm Bill by January 1st. CNBC's Mandy Drury reports.
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This content comes from Closed Captioning that was broadcast along with this program.
>>> mandy is here with what's moving your money. prices, i saw this headline and couldn't believe it. 6 to $8 a gallon?
>> it is unbelievable. that is if congress does not pass a new farm bill , chris, that amends farm policy that dates back to the truman presidency. obviously this has been kind of lost in that brouhaha of what's going on between the obama administration and republicans over the fiscal cliff and the budget wranglings, and there is believe it or not an impasse over a farm bill that covers billions in agricultural programs and without last minute action they would have to follow a 1949 farm law that would force washington to buy milk at wildly inflated prices which therefore means we would have to pay the wildly inflated prices as well when we go to buy milk at the supermarket. now it costs an average around 3.65 a gallon. if we go to up $6 or $8 it will hurt.
>> and if the cheese prices go up, i am in big trouble .
>> there you go.
>> holiday home stretch. big expectations for the final weekend.
>> in fact, this weekend according to some reports could shape up to be better than the black friday shopping rush. you have retail firms and forecasting the thursday, friday, saturday, sunday, ie, where we are right now, is going to be four of the ten biggest shopping days of the year and at brick and mortar stores. we're not just talking online. brick and mortar stars, especially a survey released that found three quarters of people still have not finished their holiday shopping. i am guilty as charged . everyone will do the last minute rush this weekend.
>> guilty as charged . what's your favorite christmas song by the way?
>> oh, no i am really put on the spot.
>> come on.
>> come on.
>> i am going to ep had you out here. that's our list today. the favorite christmas songs .