Energy from Pork

One of the provisions (bribes?) added to the $700B financial market bailout to help it pass the House of Representatives--the previously stalled renewable energy tax credits:

The House of Representatives passed legislation on Friday extending billions of dollars in tax credits for the solar, wind and biodiesel industries, ending months of uncertainty for renewable energy companies.

The House voted 263 to 171 in favor of the tax breaks Friday as a part of the $700 billion bailout package for Wall Street. This package was overwhelmingly passed by the Senate earlier this week. President George W. Bush will now sign the measure into law.

Legislation to extend the renewable energy tax credits, which were set to expire at the end of the year, had been stalled by a dispute between the House and the Senate over how to pay for the tax breaks.

However, attaching the energy tax credits to the economic rescue package gave them new life.

Comments

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I got an email from the Bicycle League about a recent victory ... I wondered if it was in that bundle too.

I guess the best face to put on it is that it is "stimulus" and appropriate for a recession. I wouldn't know a Keynesian from a Neo-Keynesian ... but to say that much seems safe.