U.S farm-state lawmakers agree to farm subsidy law extension

WASHINGTON Sun Dec 30, 2012 12:09pm EST

WASHINGTON Dec 30 (Reuters) - Farm-state lawmakers have agreed on a one-year extension of a farm law that, if enacted, would head off a possible doubling of U.S. milk prices to $7.OO or more a gallon in 2013.

The compromise resulted from bipartisan discussions in the House of Representatives' Agriculture Committee and talks with colleagues in the U.S. Senate, Frank Lucas of Oklahoma, the House panel's chairman, said in a statement on Sunday.

"It is not perfect - no compromise ever is - but it is my sincere hope that it will pass the House and Senate and be signed by the President by January 1," Lucas, a Republican, said.

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