This article from CNNMoney describes the effects of letting the farm bill expire. The current bill sets a support price for dairy products at a level about 1/2 of the current price. If the bill expires, the support reverts to a 1949 standard that would set the support price at about twice the current price. Click here to read about the 1949 standard.
The articles would be good introductions to binding and non-binding price floors.
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