Obama Stimulus Package Being Promoted

Renewable energy is a cornerstone of the package.

Published on: Jan 8, 2009

President-elect Barack Obama is spending time on Capitol Hill promoting his stimulus package. Obama is expected to make a major address about the issue Thursday. One of his top priorities is to create jobs and in doing so move to eliminate America's dependence on foreign oil. That means there will be an emphasis on renewable energy, including solar, wind and biofuels. Obama's plan would invest $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure.

The Obama administration would also extend the Production Tax Credit, now used by American farmers and investors to increase renewable energy production and create new local jobs. Obama's American Jobs Tax Credit would, for the years 2009 through 2020, provide a $3000 refundable tax credit for each additional full-time employee hired by any existing business, including agriculture businesses.

These moves are part of a stimulus package that would include tax breaks for individuals and companies and provide major federal spending for rebuilding roads, bridges and schools.