Hopes for a longer-term farm policy solution have all but vanished in Washington, D.C.

Now, it appears as 2012 nears its end -- and the federal government nears the "fiscal cliff" -- farm lawmakers are poised to pass a one-year extension of the current farm bill that expired on October 1.

A report in On The Money, a Finance & Economy Blog at Thehill.com, shows Senate Agriculture Committee Chairman Debbie Stabenow, a Michigan Democrat, told reporters Friday she's readying a one-year extension after efforts to pass a full five-year bill fell short. The extension won't replace a larger legislative package, though, as Stabenow said Friday that she'd "wait until the very last opportunity to pass a full farm bill," according to a blog post by Thehill.com correspondent Erik Wasson.

• See more at Thehill.com