Obama will urge boosting clean energy tax credit

LAS VEGAS, July 9 (BestGrowthStock) – President Barack Obama will
urge the U.S. Congress on Friday to extend a manufacturing tax
credit by $5 billion to foster private investment in clean
energy, a White House official said.

Obama, on a campaign swing for Democrats who face a tough
fight in November’s congressional elections, will talk about
his efforts to boost the economy later on Friday.

He will also specifically seek support to extend a
manufacturing credit for advanced energy that could leverage
billions more in private capital, the White House said.

The original credit was part of Obama’s $787 billion
emergency recovery program he signed in 2009 to help lift the
U.S. economy out of the worst recession in a generation.

But public anxiety over government spending amid record
U.S. deficits has forced Obama to explain his actions. He must
also counter Republican complaints the country cannot afford
any more stimulus, while the White House argues that
withdrawing support too soon could hurt the economic recovery.

“The president believes that if an American company wants
to create jobs and grow, we should be there to help them do
it,” the White House official said.

“Providing an additional $5 billion in manufacturing tax
credits will not only help leverage an additional $12 billion
in private capital investment in ready projects, but also
create tens of thousands of additional clean energy
manufacturing jobs across the country,” the official said.
(Reporting by Alister Bull, editing )

Obama will urge boosting clean energy tax credit