2nd UPDATE: House Democrats Unveil Energy Tax Package (CNN)

[jpak]

http://money.cnn.com/news/newsfeeds/articles/djf500/200802122019DOWJONESDJONLINE000907_FORTUNE5.htm

WASHINGTON -(Dow Jones)- Democrats who lead the U.S. House of Representatives Tuesday unveiled a new bill to extend tax breaks for investments in solar hot water heaters, wind-power projects and buildings that are designed to be energy efficient.

While the chamber had originally considered passing the bill this week, lawmakers are readjusting their schedules following the death of Rep. Tom Lantos, D-Calif., and now may not take the measure up until the last week in February, after a brief recess.

The House is seeking to pass a wide-ranging, $17.5 billion renewable energy and building-efficiency bill even though Republicans have repeatedly blocked their efforts in the Senate. In renewing their push, Democrats are relying on the same financing plan that produced Senate opposition last year, repealing tax breaks granted to oil and gas companies.

"The American taxpayer should not be subsidizing oil and gas companies during times of record profits and record prices at the pump," said House Ways and Means Committee Chairman Charles Rangel, D-N.Y., in a statement. "We need an energy plan that reduces our dependency on foreign oil and invests in clean, renewable technology that will create jobs here in America."

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[Selatius]

1. We will see how much opposition there is after Nov. 2008.

The only way repealing tax breaks for oil and gas companies fails after the election is if right wing Democrats jump ship and vote with the Repubs to kill the measure.