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Tuesday, June 14, 2011

Ethanol subsidy repeal fails in Senate

We will continue a $5 billion annual subsidy for ethanol even though we’re broke and it’s stupid to turn food into fuel. It doesn’t lower the cost of fuel; it, in fact, raises the price of foodIt takes more energy to produce ethanol than is generated from ethanol.

Senate sidetracks move to repeal ethanol credit

Tuesday, June 14, 2011
By DAVID ESPO, Associated Press

Congress Republicans

Sen. John Thune, R-S.D., left, and Senate Minority Leader Mitch McConnell, of Kentucky, right, stand as Sen. Lindsey Graham, R-S.C., speaks to the media after their caucus luncheon on Capitol Hill Tuesday, June 14, 2011 in Washington.(AP Photo/Alex Brandon)

WASHINGTON (AP) — The Senate refused to kill a $5 billion annual subsidy for ethanol on Tuesday, backing continued government aid for a Farm Belt-based industry over deficit reduction in an era of record red ink.

The 40-59 vote, far short of the 60 needed to advance the measure, reflected regional as well as partisan differences, a split among Republicans — and anything but the final word on the issue.

"We continue to spend money that we don't have on things that we don't need," said Sen. Tom Coburn, R-Okla., a prominent deficit hawk who led the effort to eliminate the subsidy immediately.

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