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Farmers Unsure of Fiscal Future

Posted: 3:21 PM Dec 27, 2012

Uncertain Future

STATELINE (WIFR) -- If lawmakers in Washington can't reach a grand bargain, it's likely all of us will be affected in at least some way by the fiscal cliff.

That was one of the topics at today's Annual Agricultural Advisory meeting. Illinois’ Director of Agriculture Bob Flider tells us local farmers will most certainly be affected on a personal level if those automatic tax hikes go into effect. However, they also won’t be able to take out as many deductions for expensive equipment as a result of spending cuts. That, combined with the uncertainty of the farm bill has many farmers wondering what the best course of action is.

“We’re hearing reports that milk prices might go up, because the reversion to older laws that actually govern agriculture in the absence of a farm bill, so there re a number of impacts that could continue,” said Flider.

The Farm Billl is separate from the fiscal cliff, but many doubt lawmakers will be able to reach an agreement on an extension or a new bill.