Political Quotes

“I am pleased to join with Senators Coburn and Feinstein in offering an amendment to repeal the ethanol excise tax credit and the ethanol import tariff. These policies are fiscally irresponsible, environmentally unwise, and economically indefensible. Historically, our government has helped a product compete in one of three ways: either we subsidize it, we protect it from competition, or we require its use. Right now, ethanol may be the only product receiving all three forms of support. The ethanol tax break is extraordinarily expensive. The Government Accountability Office has found that the tax credit costs American taxpayers a staggering $6 billion annually. This is quite a sum to prop up a fuel that is causing land conversion for corn production, commodity and food prices to rise, and is barely putting a dent in our Nation's dependence on foreign oil. With our amendment, which has an effective date of July 1, we have the opportunity to immediately save American taxpayers nearly $3 billion in just the 6 months remaining in this year. The 2007 Energy Independence and Security Act requires the production of at least 36 billion gallons of biofuels in 2022, up from the original 2005 Energy Policy Act, which required 7.5 billion gallons by 2012. Collectively, the first generation biofuels industry will receive tens of billions in unnecessary subsidies through the year 2022.…”