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Obama Seeking $5 Billion for Clean-Energy Tax Credit to Spur Job Creation
President Barack Obama called on Congress today to add $5 billion for expansion of a clean-energy manufacturing tax credit to encourage job creation.
“If an American company wants to create jobs and grow, we should be there to help them do it,” Obama said in the prepared text of a speech he will give today in Las Vegas, Nevada, where he traveled to help Senate Democratic Leader Harry Reid raise about $800,000 for his November re-election campaign.
The president promoted his $862 billion stimulus package and a section that last year provided $2.3 billion in tax credits. That resulted in 183 projects that created more than 17,000 jobs making things such as wind turbines and solar panels, Obama said in January.
Representatives from Amonix Inc., a closely held company based in Seal Beach, California, which is using the tax credit to open solar-panel factories in Nevada and Arizona, were attending the speech today, according to a White House fact sheet.
A $5 billion expansion in stimulus money for energy tax credits of 30 percent would attract about $12 billion in private investments, yielding thousands of clean-energy manufacturing jobs, the fact sheet said. That would mean that each federal dollar spent would lure about $2.40 in private capital for such projects.
Obama said in his prepared remarks, released by the White House, that the $5 billion investment would generate almost 40,000 jobs and the $12 billion in private capital would add another 90,000 jobs.
The program is being considered in Congress as part of a pending energy-tax bill now in the Senate.
The U.S. economy is recovering from the worst recession since the 1930s, with 83,000 private jobs added in June and unemployment at 9.5 percent.
“I can’t promise you the difficult days are all behind us,” Obama said in his prepared remarks. “I can’t promise you there won’t be more times to come. But I can promise you this: We are headed in the right direction.”
Obama said yesterday he expects energy investments alone to generate 700,000 jobs over the next few years nationwide.
Read the original article on Bloomberg.com. By Nicholas Johnston. July 9, 2010.