The Senate on Tuesday rejected a proposal that would have eliminated ethanol tax credits worth $5 billion a year -- a stunning setback for conservatives who were rallying around it in recent days as a way to reduce the national debt.
Sen. Tom Coburn's, R-Okla., measure only drew 40 votes, way short of the 60 needed for passage. The proposal would have repealed a 54-cents-a-gallon tariff on imported ethanol, which restricts imports, mainly from Brazil.
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