U.S. fiscal plan averts "dairy cliff," buys time for farm bill


WASHINGTON (Reuters) - A deal approved by the U.S. Congress late on Tuesday to avoid the automatic tax hikes and spending cuts known as the "fiscal cliff" also includes measures to avert the "dairy cliff" - a steep increase in milk prices.

The tax agreement contains a nine-month fix for expiring farm subsidy programs by extending a 2008 farm law. That gives lawmakers time to come up with a new five-year replacement.

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