Renewable Energy and Job Creation Act of 2008

RENEWABLE ENERGY AND JOB CREATION ACT OF 2008 -- (House of Representatives - May 21, 2008)

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Mr. BLUMENAUER. I appreciate the gentleman's courtesy.

There have been some stark differences in the debate here today, but there is one thing that is clear: There is a clear record of failed fiscal discipline on the part of our friends on the Republican side of the aisle; 12 years of failure to deal with the alternative minimum tax, including 6 years of that time when they controlled the entire process, their failure to cut spending while they borrowed money on our children's credit card to give tax benefits to those who need it the least, and for 12 years they refused to fix the AMT.

There is going to be a new era in Washington in 242 days where we will be able to deal comprehensively with tax reform, and I look forward to it. But, in the meantime, it is critical to give Americans more energy choices, and this legislation does precisely that.

In particular, it would extend the investment tax credit that deals with renewable energy. When the PTC for wind energy expired at the end of 2003, the installation of new wind capacity dropped 77 percent in the next year. A recent analysis by our friends in the wind and solar industries suggest that we are looking at $19 billion of lost investment and 116,000 lost job opportunities if we fail to act on the extension. This will set us back not just in terms of the challenge of wind and solar energy today, but we are going to lose ground to our competitors overseas.

I strongly urge that we focus on the need to provide more energy choices for Americans today. Extending these credits is a way to make a difference this year. Failure to do so is going to cause unnecessary disruption, not just in terms of energy, but economically as well.

I would hope that this is one area where we ought to be able to work together, agree with these responsible provisions, and enact it into law.

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