WASHINGTON, DC – U.S. Senator Maria Cantwell (D-WA) today expressed disappointment with the Republican leadership’s decision to block the Renewable Energy and Job Creation Act of 2008 that would have lowered taxes on working American families, lowered the costs of research and development in the United States, and preserved needed jobs and investments in renewable energy industries.  With the price of oil hovering at $140 a barrel and consumers feeling pinched by higher costs and stagnant wages, Congress must act on a clean energy and tax extenders package that will bring significant positive benefits to the U.S. economy.

“With their actions today, the Republican leadership stood in the way of real tax relief for American consumers and businesses,” said Cantwell. “Layoffs are accelerating, gas and home heating prices are skyrocketing, and stock markets here and abroad have seen some of their biggest declines. Failure to act on this important energy and tax extender legislation will have significant negative consequences for the U.S. economy.  Most of the provisions in this bill enjoy broad bipartisan support.  In April, 88 Senators voted to extend this package of clean energy tax incentives.  It should be the highest priority of this Congress to move forward with fiscally responsible tax relief that creates jobs and moves this country in the direction of energy independence.  I am going to continue to push to make sure consumers see relief and the clean energy industry can and will remain strong.”

This bill contained a robust package of tax incentives that would have supported needed jobs and investment in electricity production from wind, solar and fuel cells; supported the efforts of struggling auto manufacturers to lead the way on production of plug-in electric vehicles so consumers really can have a viable option to reduce the hit of high gas prices on their budgets; encouraged investments in energy efficient technology and upgrades to homes, factories, and appliances that will help consumers and businesses lower their growing and volatile energy costs. 

 

Additionally, this bill would have lowered taxes on working Americans without adding to the growing burden of federal debt.  It would have reined in the wasteful use of tax dollars by closing the door on the unlimited sheltering of money stashed in offshore accounts by hedge fund managers and dedicated those dollars to extending the deduction for state sales taxes, the deduction for tuition expenses, the deduction for teachers’ out-of-pocket expenses, and the R&D tax credit that supports high-wage jobs in the United States.

 

Cantwell has made making our nation's energy system cleaner, more efficient, and more diverse one of her top priorities.  She leverages her membership on the Senate Energy, Commerce, and Finance Committees to push her vision of a clean energy economy and to support budding clean energy industries, while bringing tax relief to the American people. 

 

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