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63-year-old farm law was left on the books as an incentive intended to scare lawmakers into action with the prospect of higher support prices for milk and other agricultural products. actually allowing it to go into effect could be disastrous. farmers would rush to sell dairy to the government at higher prices, limiting consumer supplies, leading to higher prices in stores and less milk for manufacturing products like butter, yogurt and cheese. which could have the makers of those products looking for cheaper alternatives like imported milk from new zealand. how did we get here? it's the same ...

Across the u.s. this christmas. if congress doesn't act by december 31st, many americans may not be able to afford his favorite beverage next year. if he renews support for agriculture programs, the country's milk prices could double to as much as $8 a gallon. that's because the government will be forced to revert to a 1949 dairy price subsidy that requires the agriculture department to buy milk at inflated prices. vincent smith from montana state university told the new york times that similar to the current fiscal cliff, the 63-year-old farm law was left on the books as an incentive intended...

Well in tilling the field and focusing on their crops. so, she's, she has a less ability to use these markets. >> right, but the question. if those markets are artificially reducing the, are artificially locking in a price that is harder to get in the future because of the volatility of the climate, if we're heading towards more droughts, is it locking in a kind of unsustainable vision of what we grow here in the u.s.? >> there's some of that, as you know, hedgers are meeting speculators in the marketplace. both sides are, in a sense, betting on those future droughts. >> josh? >> i think two s...

That the down by about 0.3%. analysts say a combination of the weak u.s. dollar and also high u.s. demand is helping to support prices being on a sharply upward trajectory. welcome back to "world business today" on cnn. when it comes to budget battles in washington, to borrow a phrase from an old rock song "you ain't seen nothing yet." as dan that bash reports from washington, the coming battles over next year's budget will make this one look, well, like chump change. >> reporter: the bill keeping the government running for the rest of the year passed the house but with significant gop defec...

Some role in trillions of dollars in mortgages in the united states. and this year the federal government has had a hand in more than four of every five new home loans issued. the government has helped fill the mortgage void created by banks reluctant to lend money. some analysts say the government needs to stay deeply involved in housing because the feds right now are propping up the housing market, and without their support prices would plummet, and americans would find it extremely difficult to get a mortgage. shannon? shannon: rich edson, always great to see you. thank you. >> reporter: th...