Obama pushes clean energy tax credits

The Associated Press

WASHINGTON -- Anxious to show voters he's working to create jobs, President Barack Obama is putting tax credits to boost clean energy in the spotlight this week as he heads to Iowa.

The president will visit TPI Composites, a wind manufacturer in Newton, Thursday to highlight his push for tax credits to encourage investments in clean energy technologies. The trip is part of Obama's effort to prod Congress to act on a "to-do list" he says is necessary to make sure the economy doesn't lose steam.

Specifically, he wants Congress to renew the federal Production Tax Credit for the wind industry, which is to expire at the end of the year, and expand the 48C Advanced Energy Manufacturing Tax Credit, which supports American-made clean energy manufacturing.

The president's "to-do list" includes a series of economic initiatives he has been pushing for months, none of which have gained traction in Congress. Obama has been trying to blame congressional Republicans for blocking his ideas for creating jobs. He argues that Mitt Romney could be expected to follow their approach, if elected.

Advocates say renewal of the production tax credit could save thousands of jobs and bring financial certainty to the wind industry, which has been vulnerable to boom-and-bust cycles. A study commissioned by the American Wind Energy Association, an industry group, said failure to extend the tax credit could mean the loss of as many as 37,000 U.S. jobs.

Meanwhile, former Secretary of State Colin Powell declined to renew the presidential endorsement he gave Obama four years ago, saying he wasn't ready "to throw my weight behind someone" at this time. Pressed on the question on NBC's "Today" show, Powell said: "I always keep my powder dry, as they say in the military."