WASHINGTON, DC – Despite repeated attempts to work with Senate Republican leadership on an economic stimulus package that would have put needed financial relief in the hands of American families, including morethan 20 million seniors, 250,000 disabled vets, those struggling to find jobs and businesses looking to create jobs, today, efforts to move the package forward failed. For weeks, U.S. Senator Maria Cantwell (D-WA) has worked to extend critical energy tax credits as part of this economic stimulus package that also would promote the creation of new, “green-collar” jobs, lessen our over-reliance on fossil fuels, and reduce the price of energy for American consumers. Senate Republican leaders rebuffed the bipartisan efforts of the Senate Finance Committee and this important measure garnered 59 of the 60 votes it needed to pass the full Senate.

“I am very disappointed that Republican leadership blocked a package that would have benefited so many American families and businesses," said Cantwell. “Americans are suffering from a combination of persistently high energy costs and the ongoing mortgage crisis and, today, we missed an opportunity to invest in stimulus measures to help with these underlying problems.   Today, the Senate missed an opportunity to invest billions of dollars in our nation's economy, and create thousands of jobs over the next 12 months.  The fight doesn't end here, and I will continue working to giveAmerican consumers,including seniors and veterans, the help they deserve and our businesses the certainty they need." 

Cantwell focused her efforts on extending clean energy tax incentives to preserve high-quality, good-paying jobs and critical investments that are at risk of being pulled back.  A new economic study by Navigant Consulting found that over 116,000 U.S. jobs and nearly $19 billion in U.S. investment in just one year are at risk if renewable energy tax credits are not renewed by Congress. The study found that more than 76,000 jobs were at risk in the wind industry, and approximately 40,000 jobs in the solar industry. 

 

As a member of the Finance Committee, Senator Cantwell spearheaded efforts to include the energy tax incentives in the economic stimulus package.  The incentives include:  the Production Tax Credit for investments in wind energy, biomass, hydropower, and geothermal electricity facilities; and the 30 percent investment credit for businesses that install solar or fuel cell equipment.  In addition, a set of effective energy efficiency programs were extended to give homeowners tax credits for installing energy efficient furnaces, windows and insulation to make their homes more efficient; offer tax deductions for builders to go the extra mile and build more energy efficient new homes; provide tax deductions for businesses that make energy efficient improvements to commercial buildings; and give tax credits to appliance manufacturers that help lower their production costs for making higher energy saving appliances.

 

“America needs a better plan and a better energy future,” said Cantwell. “It is time to get serious about a more visionary approach to curbing our addiction to oil. The fight for a better energy future for America is just beginning.  I’ll continue to work with my colleagues to pass a bill that boosts the economy, while ensuring a stronger, more stable environment for new investments in renewable energy.”

 

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