The Bush administration on Tuesday renewed a threat to veto a bill before the U.S. House of Representatives that would extend tax breaks for investments in wind-power and solar projects.
The White House objected to a financing strategy that would offset the costs by repealing tax breaks for oil and gas companies worth about $17.6 billion over 10 years. The administration complains, among other things, that it is wrong to single out one industry and said that “this targeted tax increase would reduce the nation’s energy security rather than improve it.”
The Democratic-controlled Congress has tried and failed several times in recent months to extend the renewable-energy tax breaks. With opposition from Senate Republicans and the White House showing no sign of diminishing, Congress faces long odds in passing the measure.
-By Siobhan Hughes, Dow Jones Newswires
26 February 2008
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