I'm more than a little conflicted over this. The whole 'everybody else is doing it, so we should too' mentality when it comes to subsidies drives me up the wall. Anything that is going to get more people biking is great, but increasing subsidies means (since there's no way there will be the identical decrease somewhere else) that more tax money gets squandered. And before anyone jumps on me and says that it will save money from less popular things like war and the like, let's be realistic, the DoD and DHS won't be giving up money for bikes.
We can only dream of something like that happening...