Senator Tom Coburn (R-Oklahoma) issued the press release, but since Senator Ben Cardin (D-Maryland) is in the majority, he gets first billing:
U.S. Senators Tom Coburn, M.D. (R-OK) and Ben Cardin (D-MD) today introduced a bill to save taxpayers $6 billion by repealing the costly and ineffective Volumetric Ethanol Excise Tax Credit (VEETC) or “blenders tax credit,” which provides .45 cents per gallon to blenders of ethanol.
Both gentlemen stated the case for ending this nonsensical policy.
“The ethanol tax credit is bad economic policy, bad energy policy and bad environmental policy. The $6 billion we waste every year on corporate welfare should instead stay in taxpayers’ pockets where it can be used to spur innovation, stimulate growth and create jobs. I’m hopeful my colleagues on both sides of the aisle will take a stand against business-as-usual special interest giveaways and eliminate this wasteful and harmful subsidy,” Dr. Coburn said.
“As our economy begins to grow again, we need to bring our budget under control through a combination of smart cuts and smart investments. Cutting yet another subsidy to big oil that is making big profits is smart policy. Rather than underwriting ethanol subsidies that are causing food prices to skyrocket, we should be supporting American innovation in more sustainable alternative fuels the results of which will help create jobs, lower energy costs and strengthen our national security,” said Senator Cardin.
This is certain to gin up trouble in the Districts of Huskerstan (Iowa, Nebraska, and South Dakota), but saving $6 billion a year to keep food as, well, food should be a slam dunk – especially when the entire Persian Gulf can no longer keep up with Canada in terms of oil sent to the United States.
Cardin-Coburn is the right thing to do.
