Bloomberg
The U.S. Senate voted to eliminate a tax credit and a tariff that subsidize ethanol production, providing the strongest signal yet that Congress will curtail subsidies for corn-based biofuel.
The 73-27 vote exceeded the 60-vote threshold needed to advance the measure as part of an economic development bill. While the underlying legislation isn’t likely to become law, the vote indicated that it will be difficult for ethanol supporters to extend the 45-cent-a-gallon tax break and the 54-cent-a- gallon tariff beyond their scheduled Dec. 31 expiration.
Fuel prices will go down. This is a way to reduce the deficit though many republicans including Norquist consider this a tax increase.
I hope this is the beginning of reducing subsidies for corn and soya which is mainly grown to feed livestock.
2:37 PM PT: Update: Scientific American proposed ending ethanol subsidies to reduce food prices
2:38 PM PT: Here's the link
http://www.scientificamerican.com/...