On July 26, hopes began to recede for a bipartisan agreement to repeal a production tax credit for ethanol production when Senate Majority Leader Harry Reid (D-NV) excluded the provision from a debt-reduction announced the previous day. Sen. John Thune (R-SD), Sens. Dianne Feinstein (D-CA) and Sen. Amy Klobuchar (D-MN) formulated a plan that would repeal the $0.45/gallon Volumetric Ethanol Excise Tax Credit (VEETC), or blenders’ tax credit, and the $0.54/gallon tariff on ethanol imports as of July 31. There are few other legislative vehicles for the proposal before recess, which means the provision will have to wait until after the recess.