McCain: 'Ethanol is a joke'

Sen. John McCain (R-Ariz.) sees an easy target in the drive to cut spending while leaving no "sacred cow" untouched.

"Ethanol is a joke," he said Sunday on CBS' "Face the Nation," saying that programs promoting the corn-derived fuel are wasting money.

"And it's a multibillion dollar spending -- all ag subsidies, sugar subsidies, all these things, they have to be examined," he said.

Also on the chopping block could be facets of the U.S. Postal Service, he said, calling it a "model of inefficiency."

"We have to go after the sacred cows and then we have to go after entitlements," McCain said. "And entitlements have to be on the table sooner rather than later."