Experts: Drought to butcher meat lovers' wallets

The worst drought in decades is taking a toll on American farmers and consumers are likely to feel the impact next.

Beef and pork prices are expected to go up by as much as 10 percent next year as the drought forces farmers to pay more for animal feed. A European trade group report has warned of an unavoidable bacon shortage, but the American Farm Bureau Federation dismissed that claim as "baloney."

Sen. Chuck Schumer (D-NY) is also warning consumers that milk prices could double if the farm bill that expired on Sunday is not renewed. The bundle of legislation is passed by Congress every five years and sets national policy in several areas, including agriculture and nutrition.

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