New Direction for Energy Independence, National Security, and Consumer Protection Act and the Renewable Energy and Energy Conservation Tax Act of 2007
Floor Speech
NEW DIRECTION FOR ENERGY INDEPENDENCE, NATIONAL SECURITY, AND CONSUMER PROTECTION ACT AND THE RENEWABLE ENERGY AND ENERGY CONSERVATION TAX ACT OF 2007 -- (Senate - April 04, 2008)
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Ms. CANTWELL. I thank the Senator from Nevada for yielding me some of his time.
This has been a big priority on this side of the aisle, to get clean energy tax credits so we can continue to stimulate investment in wind and solar and energy efficiency, and a variety of others--fuel cells, biomass, geothermal, and the list goes on and on. This is the fourth time we have tried to get to this legislation. Three other times we have come within one vote, so we are here today with more bipartisan support for a proposed solution.
My colleagues and the chairman of the Finance Committee have worked very hard on this legislation in general, on the concept of trying to push forward these tax credits, but we are at a critical point. In fact, I have said to my colleagues that Rome is burning; that is, we are at the precipice now of projects actually getting canceled. Having been in business, I know what it is like to have your first quarter earnings report and then have to show some forward advancement to your investors about your projects. That is where we are. And because we aren't giving certainty in the Tax Code to these investors, they are going to start canceling projects.
So we cannot wait another month, another 2 months to get about this tax. If we want to give certainty to the markets to continue to invest in alternative energy to take some of the pressure off of the rising cost of energy, now is the time to act. So I hope my colleagues will think about the bipartisan nature of the amendment. We have failed three times and have come one vote short to try to help our own economies in our States and in our country by saving this investment cycle. Give the predictability so we can keep 100,000 jobs working, so we can get renewable energy produced and invested in during 2008, and so we can have the production of CO2-reducing energy supply and get that going now.
I could say to my colleagues that we are almost at a point where the United States is so far behind what other countries are doing that we are not even going to be able to claim we are leading in this area if we do not get about the task. So if the votes are here, let's start voting to say renewable energy and its ability to stimulate the economy is a priority.
I yield the floor.
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