Thursday, June 16, 2011

Bipartisanship: Senate Votes To Kill Ethanol Subsidies

In a remarkable move of bipartisanship, the Senate voted to kill ethanol subsidies today. Making gas from corn was never cost effective and it was driving up already skyrocketing food prices. Kudos to Republicans and Democrats for a moment of sanity.
The Senate voted 73-27 Thursday to kill a major tax break that benefits the ethanol industry, handing a political win to a bipartisan group of lawmakers that call the incentive needless and expensive.

The vote also could have ramifications on future votes to reduce the deficit. Much of the GOP conference supported Feinstein's bill even though it does not include another tax break to offset the elimination of the ethanol tax credit.

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