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Senior Dems: New Energy Tax Benefits Coming

Chuck Schumer (D-NY), the No. 3-ranked Senate leader, just told reporters that Obama economic adviser Larry Summers had his third stimulus meeting with Dems in six days -- this one solely with members of the Finance Committee, which will have first crack at the massive legislation.

Schumer was unsurprisingly effusive in his praise for the Obama team's engagement with lawmakers. When I asked about the progress of energy tax benefits reportedly getting added to the stimulus, however, he made a bit of news. "You'll find a mixture" of existing and new alternative energy benefits in the economic recovery plan, Schumer said. The overall amount of tax credits in the bill, he added, are expected to remain at around $300 billion.

John Kerry (D-MA), like Schumer a senior member on Finance, was more specific. He said senators are talking about a "green lending" proposal to direct loans to worthy alternative energy projects -- perhaps along the lines of Reps. Chris Van Hollen (D-MD) and Zach Wamp's (R-TN) plan to set up "green banks."

Kerry predicted a "significant energy component" in the final stimulus, "literally as much [funding] as I can get." In fact, he's inside the Democratic caucus meeting right now making a presentation on creative energy tax proposals.


4 Comments

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Schumer should be run out of town on a rail, his fingerprints are all over the economic tsunami we're faced with. I want to see the tax cuts Schumer supported

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Well put Biden on the same rail. He was instrumental background guy for all the banks relaxed oversight.

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Moondancer.

Agreed, I didn't mention Biden because he wasn't mentioned in the article. Add Dodd and Clinton and many other Dems to the list

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"You have to treat them like mistresses" Willie Lewis Brown, Jr Mayor of Town

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