UNICA's Velasco urges Congress to end corn ethanol subsidies

With ethanol subsidies set to expire at the end of this year, should Congress extend the ethanol blend tax credit and import tax on foreign ethanol? During today's OnPoint, Joel Velasco, the North American representative for UNICA, the Brazilian Sugarcane Industry Association, explains why he believes Congress should allow these subsidies to expire. He discusses the economic impacts of such a move and explains how it would affect Brazil's sugar cane and ethanol industries.