$825B Economic Stimulus Plan Unveiled

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Yesterday House Democrats and President-elect Barack Obama's economic team released the details of a proposed $825 billion economic recovery plan that includes a sizable chunk of funds for Renewable energy. As proposed, legislation would provide $20 billion in tax cuts for alternative energy including a multiyear extension of the production tax credit for wind, geothermal, hydro power and bioenergy.

Yesterday House Democrats and President-elect Barack Obama's economic team released the details of a proposed $825 billion economic recovery plan that includes a sizable chunk of funds for Renewable energy.

As proposed, legislation would provide $20 billion in tax cuts for alternative energy including a multiyear extension of the production tax credit for wind, geothermal, hydro power and bioenergy.

Tax credits would also be available for research and development concentrated on energy conservation and efficiency.

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The plan also calls for $32 billion to update the nation's electric transmission grid, $2.4 billion for developing carbon capture technology and $16 billion for retrofitting public housing for more efficiency. Another $6 billion is included for weatherizing modest-income homes.

A week ago Obama said he wants to double the nation's supply of renewable energy within three years. He has pledged to invest $150 billion over 10 years for alternative energy, which he says will create or save 5 million jobs.

Other aspects of the plan call for increased spending on infrastructure, unemployment benefits, education, health care, housing and law enforcement; as well tax breaks for individuals and businesses.

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