House Republican Conference Chairman Mike Pence's (R-IN) singled out the Volumetric Ethanol Excise Tax Credit, or VEETC, a key tax credit for ethanol, as he urged Congress to re-evaluate the value of federal subsidies in light of the nation's debt crisis. On June 23, Reps. Wally Herger (R-CA) and Joseph Crowley (D-NY), both members of the House Ways and Means Committee, introduced legislation (H.R. 2307) to repeal the 45-cents-per-gallon Volumetric Ethanol Excise Tax Credit, or VEETC. Meanwhile, Senate lawmakers recently adopted a very similar amendment repealing the credit, but the underlying bill failed to advance through the chamber, and the amendment would have almost certainly faced a challenge on the grounds that revenue measures must originate in the House. Four senators including Amy Klobuchar, Dianne Feinstein (D-CA), Tom Coburn (R-OK), and John Thune (R-SD) are working on a compromise to repeal the 45 cents-per-gallon ethanol tax credit, and Senate Majority Leader Harry Reid (D-NV) plans to introduce a compromise measure that would come up for a vote.