Posted on 06/17/2011 4:48:23 AM PDT by tobyhill
How to remove $5 billion from the federal deficit in one fell swoop? Eliminate the $5 billion-a-year subsidy given to oil refiners for blending ethanol into gasoline.
The Senate voted Thursday to do just that, and even though the amendment is attached to a bill that probably won’t pass, the 73-27 vote sends a message that many Democrats and Republicans are behind an idea supported by an odd coalition that ranges from Tea Partyers to the Sierra Club.
Thirty-three Republicans joined 40 Democrats in voting to eliminate the subsidy.
Provided in the form of tax credits, the subsidy gives 45 cents a gallon to refiners who use ethanol, a renewable fuel additive that comes mainly from corn in the U.S.
These tax breaks long have been supported as a way to reduce oil imports by politicians in both parties — emphatically so for many who run for president and look to woo the farm vote.
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The White House issued a statement saying it was against a full repeal of ethanol subsidies, indicating it could use its veto power if the amendment continued to advance in Congress.
"We need reforms and a smarter biofuels program, but simply cutting off support for the industry isn't the right approach," said Agriculture Secretary Tom Vilsack.
(Excerpt) Read more at msnbc.msn.com ...
Those machines thank those politicians for grandstanding?
I wound up buying a LIon-battery-operated leaf blower after going through 3 spark plugs and two total rebuilds of my gas-powered leaf blower in one year. Every time I brought the seals in to my old man (an auto mechanic), it was the same thing: “Blame the Ethanol.”
Veto? After losing the vote 73-27? Don’t know how big they lost in the House, but it would seem that Obama is looking at a quick override vote unless he can ‘flip’ a bunch of votes.
If he vetoes it it looks like their may be a good chance to override it.
I would love to see him be overridden on his first veto with help by so many Dems, just imagining the spoiled little temper-tantrum he’d throw would be worth it.
See this is where the republicans can do some serious damage.
Obama vetoes the bill and the republicans come out with the following:
While Obama golfs and dines on corn fed beef and lobster, women and children in the US are starving because once abundant corn is now going to the oil companies in bed with the administration.
Then I would flash the graphics, Banking, Wall Street, Auto, Healthcare and now the Oil Industry. Where is the Hope And Change promised the people of America?
Flyover country will vote for Obama about as quickly as gays will vote for Palin.
“Provided in the form of tax credits, the subsidy gives 45 cents a gallon to refiners who use ethanol, a renewable fuel additive that comes mainly from corn in the U.S.”
The subsidy also gives a $1,000 tax credit to auto manufactures for each flex-fuel vechicle they produce. These credits are only the tip of the iceberg though when it comes to the additional cost to the tax payer/consumer caused by this program. I could list many of the negatives but I think most readers on this forum already are aware...
They didn’t remove the requirement that all gasoline have 10% ethanol, they just removed the subsidy. The only difference your snow blower, lawn tractor, and outboard motor will see is higher gasoline prices.
So what was McCain whining about on Greta last night?
He want the subsidies ended, but says his position lost??
Hey, let Obama veto this. More ammo to campaign against his gov’t waste.
Good. Let him veto all the useful legislation he wants.
The pubbies need to complie a list of his vetoes and hang them around his neck during presidential debates and TV ads.
No surprise there...Vilsack's a former governor of Iowa. This whole ethanol mess has always been due to Iowa's early primary. Period.
Well of course he does.
There won’t be a change in the ethanol content of gasoline unless the mandated requirement for it is removed.
But eliminating the subsidy would at least quit making tax payers fund its use.
“attached to a bill that probably won’t pass, the 73-27 vote sends a message that “
...it’s just for show.
We all know ethanol is a costly waste -— costs a lot to make it, reduces miles-per-gallon, damages small engines, increases cost of corn and sunflowers, and on and on and on. Get rid of it.
Like I said, politicians grandstanding. This is just a routine - pick one tax break out of an entire economy that is planned and controlled by tax breaks (susidies), attack this one provision in the tax code, pretend you are really going to do something about “subsidies”, get everybody to focus on this one economy-distorting provision of the system instead of the entire messed-up system, meanwhile talk, talk, talk, while drawing your sustenance from the worker-bees. In the next election cycle, say “see, we tried to eliminate that “subsidy” and those bad democrats wouldn’t let us, but if you re-elect me and elect some more of my buddies, we’ll really do something about that bad susidy sometime in the next six years!
if Barry wants to own the issue of rising food prices and crappy fuel, let him.
Or reduce the price of corn, for that matter.
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