President Clinton is expected to sign the transportation measure. Ethanol is good for America's energy independence from foreign sources of oil. It's good for the U.S. balance of trade because we import so much oil from other countries. It is good for the environment because it reduces fossil fuel emissions. And ethanol is good for farmers and jobs in rural America.
Ethanol represents our third largest corn market.
Ethanol production already accounts for 200,000 jobs nationwide. Grassley and Moseley-Braun began their quest to extend the ethanol program last June, during Finance Committee consideration of the Balanced Budget Act. Their amendment received strong bi-partisan support in the Senate but was ultimately dropped from the budget plan during negotiations involving the House of Representatives and the administration. Grassley secured support to extend the tax exemption as part of the highway bill from President Clinton, Vice President Al Gore, House Speaker Newt Gingrich, and Senate Majority Leader Trent Lott. And, he won an important endorsement from the chairman of the Finance Committee, Sen. Bill Roth of Delaware.