Maria's Monday Memo
Cantwell Works to Include Energy CostReliefin Economic Stimulus
Congress Must Ensure Stimulus Package Continues Clean Energy Industry Growth
Consumers are suffering from a slowing economy. The price of oil has hit $100 per barrel and continues to hover at historically high levels. In response, Congress is considering an economic stimulus package focused on providing some relief. I am urging my colleagues to address, along with the immediate stimulus payments to individuals, the need for investments in new energy sources which can create jobs, save people and businesses money, and over time reduce energy costs. When it comes to helping Americans, we can not be penny wise and pound foolish. We need to give consumers some financial relief immediately and we need to ensure we are helping solve the underlying causes contributing to the downturn. Energy costs have skyrocketed. They are robbing people of their ability to buy their children new clothes, to take a family vacation, to visit their grandparents, or to go see a basketball game. Businesses are seeing their profits evaporate as their energy bills swell. Only by accelerating our investment in clean sources of energy and energy-saving technologies can we get people and businesses real relief from crushing energy costs.
While we must address these sort of short-term challenges facing American families, we must also look to the long-term needs for our economy and job growth.
In a floor speech I gave last week, I expressed the importance of including the extension of the clean energy tax incentives in any stimulus package. I believe, getting money in people’s pockets swiftly must be a component. And we should make sure that we get this financial help to as many families as possible. But, I also believe we should take this opportunity to invest in stimulus measures that can alleviate some of the underlying problems that are causing Americans economic heartburn. With gas prices as historic highs, the clean energy industry is one of the few bright spots in a slowing economy. Unless these tax incentives are extended in this quarter, we risk a steep downturn in the industry that saw remarkable growth in 2007. Supporting jobs and investment in clean energy and energy-efficient technologies is the ideal type of stimulus expenditure for us to make. We must make sure that we pass the right stimulus. The American people and businesses are counting on us.
Cantwell and Colleagues Send Letter Urging Clean Energy Incentives in Economic Stimulus
Last Friday, Olympia Snowe (R-ME) and I sent a letter to Senate Leadership in an effort to include energy and efficiency tax credits as a part of the economic stimulus package currently before the Congress. The letter, signed by 35 Senate colleagues, including 9 members of the Senate Finance Committee, makes the case that extending expiring tax credits will help ensure a stronger, more stable environment for new investments and ensure continued robust growth in an otherwise slowing economy.
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