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Van Hollen Statement on Passage of Senate Ethanol Amendment

Statement

Date: June 16, 2011
Location: Washington DC
Issues: Oil and Gas Taxes

Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, issued the following statement today on the Feinstein-Coburn amendment to repeal the costly Volumetric Ethanol Excise Tax Credit (VEETC), or "blenders tax credit," which provides 45 cents per gallon to blenders of ethanol. The amendment passed the Senate by a vote of 73 to 27.

"Today's Senate vote to eliminate $6 billion in ethanol tax earmarks was an important, encouraging step toward reducing the deficit. There are two sides to the equation -- spending cuts as well as revenues, which include corporate pork like wasteful subsidies for the oil-and-gas industry. We're asking for shared sacrifice, and there's no need to hand over $20 billion in subsidies to Big Oil while their profits are going through the roof."


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