WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) today released the following statement on the House passage of the Renewable Energy and Job Creation Tax Act:
“I am pleased that the House has passed the Renewable Energy and Job Creation Tax Act today by a strong majority. The bill provides essential tax relief to American families and businesses. Its tax credits will help create tens of thousands of American jobs, while investing in the new energy technology we need to break our dependence on foreign oil.
“But just as importantly, this bill is paid for. The House has taken a stand on fiscal responsibility and refused to pay for these tax credits with even more debt. The means we have used to finance this bill are non-controversial, supported by both the business community and a bipartisan majority in the Senate. Only a Republican minority objects, putting tax loopholes for hedge fund managers above fiscal sanity, a bad choice made worse in the light of the current financial meltdown caused in part by greed on Wall Street.
“The House will not compromise on responsibility. We will not pile this bill on top of our already-massive debt. We must pay for the choices we make—not our children and grandchildren.
“I strongly urge the Senate to pass a responsible, paid-for version of this tax extenders bill. And I urge President Bush to sign such a bill if and when it reaches his desk.”