House Stimulus Plan Has $54 Billion For Cleantech

Jan 16 2009 | 1:08am ET

The economic stimulus package that Congress hopes to send President-elect Barack Obama shortly after his Tuesday inauguration includes $54 billion towards clean energy projects.

Democrats in the House of Representatives yesterday unveiled their stimulus plan, which features more spending and fewer tax cuts than the one proposed by Obama. Still, Obama offered supportive words for the effort, and will continue to push for the stimulus today in a speech at an Ohio wind-turbine manufacturer.

The $825 billion plan would inject $11 billion into electrical grid improvements, $8 billion in loan guarantees for renewable energy and transmission projects, $6.9 billion to “green” federal buildings by making them more energy efficient, $2 billion in loan guarantees and grants for advanced battery projects and $1.5 billion in loan guarantees and grants to make schools more energy efficient.

About $550 billion of the package would be for spending on the cleantech initiatives, building new schools and highways, healthcare investments and benefits for the unemployed. The rest would go to tax cuts. Obama’s original plan totaled $775 billion, with $300 billion earmarked for tax relief.

Republicans quickly denounced the plan, with House Minority Leader John Boehner pronouncing himself “shocked” and “disappointed.” And Congressional Republicans aren’t likely to be any happier if the stimulus plan continues to balloon in cost as many expect.

The House Ways and Means Committee is expected to vote on the bill next week, with the full House voting on Jan. 28. The Senate is expected to consider the bill during the first week of February in the hopes that it can be sent to Obama’s desk by the middle of next month.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.