National & World Ag News Headlines Farm Bill Temporarily Extended As Part of 'Fiscal Cliff' Legislation USAgNet - 01/02/2013 The leaders of the Senate and House agriculture committees were able to broker an eleventh-hour deal to extend the 2008 farm bill, which expired three months ago, through September. The proposal would keep intact a key dairy price support program which compensates producers when domestic milk prices fall below a specified level. The agreement was then attached to the bill to block the "fiscal cliff," which was approved by the Senate and House yesterday. As part of the full package, income taxes will go up on individuals making more than $400,000 per year and couples making $450,000 per year or more. It also calls for an extension of tax cuts for middle class Americans, and extends the farm bill and wind energy production tax credit. Meanwhile, the plan would also make permanent a top estate tax rate of 40 percent for capital gains. The legislation does not authorize the Congress to increase the federal debt limit from its current levels. Other agricultural provision of the deal include funding for the Supplemental Nutrition Assistance Program, formerly known as food stamps. The vote passed the House on a 267-157 vote, with the support of 172 Democrats and 85 Republicans. President Obama is expected to sign the measure. Send this article to a friend Other National Headlines Meatless Mondays Being Dropped From House Cafeterias China's Farm Produce Prices Going Up Monsanto Receives Approval for Intacta RR2 PRO Soybeans AAW Holds Annual Symposium in Washington, D.C. Cargill to Acquire Northstar Grain LLC Another Attempt to Remove Stabilization From DSA Cornell: Farm Bill Dairy Will Cost More Than Goodlatte-Scott Copyright © 2013 - USAgNet.com. All Rights Reserved.