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CARBON CAPTURE
The federal government would spend $1 billion a year to develop technology to capture and store carbon at power plants under a bill introduced Tuesday by Rep. Rick Boucher, D-Va.
The money would come from taxes on electricity generated from fossil fuels like coal, oil and natural gas. Residential consumers would see an estimated $10 to $12 annual increase in their electric bill, Boucher said.
Grants would then be awarded to large-scale projects that would help make carbon capture technology commercially available. Boucher’s bill is supported by 14 bipartisan House members.
“Given our large coal reserves, its lower cost in comparison with other fuels, and the inadequate availability of fuel alternatives, preservation of the ability of electric utilities to continue coal use is essential,” Boucher said in a statement.
CANTOR HOUSING
Home-buyers and owners would get new tax credits to help them purchase or keep their homes under a bill introduced Wednesday by Rep. Eric I. Cantor, R-7th.
Calling the “Responsible Homeowners Act” a “constructive addition” to the economic debate, Cantor said the GOP housing plan demonstrates Republicans have alternatives to the financial proposals being pushed by the Democratic majority.
To help keep families in their homes, the plan would include a $5,000 tax credit to help families cover the costs of a mortgage refinancing. To increase home ownership, the plan would offer home-buyers $15,000 credits if they make at least a five percent down payment on a primary residence before July 1, 2010.
“We see this housing fix as a central element in addressing the bank failures and the capital markets’ failures,” he said. “If we are to address that, we must first address the housing situation."
The Obama administration housing plan includes incentives for lenders to lower payments for homeowners having a hard time making housing payments. Republicans have said that could amount to rewarding people who got upside down on home loans. The GOP proposal would call for an increase enforcement of mortgage fraud.
WARNER WATCHING
Demanding accountability for the billions of dollars being spent as part of the America Recovery and Reinvestment Act, Sen. Mark Warner said Tuesday the federal government needs hard and fast national standards to measure the success of the stimulus plan.
“What gets measured gets done,” said Warner, D-Va., on the Senate floor Tuesday in a nearly 30-minute speech. He called for federal performance auditors to “ruffle a few feathers” across all agencies to find any government waste in the $787 billion
Warner called for the creation of standard definitions for such terms as job creation, so taxpayers could compare the impact the spending is having across various states.
“Let’s not wait until all the money is spent before we determine whether it’s working,” he said.
PROTECTING BONDS
The federal government would have new power to guarantee and buy municipal bonds under a bill introduced in the House Tuesday by Rep. Gerald E. Connolly, D-11th.
The bill -- the Federal Municipal Bond Marketing Support and Securitization Act --is designed to help state and local governments start major construction projects by loosening up the bond markets those governments often rely on for funding.
“What I proposed today may not provide the ultimate solution, but I believe it provides a starting point to begin addressing this critical situation,” said Connolly, former chairman of the Fairfax County Board of Supervisors.
--Neil Simon/Media General News Service
The federal government would spend $1 billion a year to develop technology to capture and store carbon at power plants under a bill introduced Tuesday by Rep. Rick Boucher, D-Va.
The money would come from taxes on electricity generated from fossil fuels like coal, oil and natural gas. Residential consumers would see an estimated $10 to $12 annual increase in their electric bill, Boucher said.
Grants would then be awarded to large-scale projects that would help make carbon capture technology commercially available. Boucher’s bill is supported by 14 bipartisan House members.
“Given our large coal reserves, its lower cost in comparison with other fuels, and the inadequate availability of fuel alternatives, preservation of the ability of electric utilities to continue coal use is essential,” Boucher said in a statement.
CANTOR HOUSING
Home-buyers and owners would get new tax credits to help them purchase or keep their homes under a bill introduced Wednesday by Rep. Eric I. Cantor, R-7th.
Calling the “Responsible Homeowners Act” a “constructive addition” to the economic debate, Cantor said the GOP housing plan demonstrates Republicans have alternatives to the financial proposals being pushed by the Democratic majority.
To help keep families in their homes, the plan would include a $5,000 tax credit to help families cover the costs of a mortgage refinancing. To increase home ownership, the plan would offer home-buyers $15,000 credits if they make at least a five percent down payment on a primary residence before July 1, 2010.
“We see this housing fix as a central element in addressing the bank failures and the capital markets’ failures,” he said. “If we are to address that, we must first address the housing situation."
The Obama administration housing plan includes incentives for lenders to lower payments for homeowners having a hard time making housing payments. Republicans have said that could amount to rewarding people who got upside down on home loans. The GOP proposal would call for an increase enforcement of mortgage fraud.
WARNER WATCHING
Demanding accountability for the billions of dollars being spent as part of the America Recovery and Reinvestment Act, Sen. Mark Warner said Tuesday the federal government needs hard and fast national standards to measure the success of the stimulus plan.
“What gets measured gets done,” said Warner, D-Va., on the Senate floor Tuesday in a nearly 30-minute speech. He called for federal performance auditors to “ruffle a few feathers” across all agencies to find any government waste in the $787 billion
Warner called for the creation of standard definitions for such terms as job creation, so taxpayers could compare the impact the spending is having across various states.
“Let’s not wait until all the money is spent before we determine whether it’s working,” he said.
PROTECTING BONDS
The federal government would have new power to guarantee and buy municipal bonds under a bill introduced in the House Tuesday by Rep. Gerald E. Connolly, D-11th.
The bill -- the Federal Municipal Bond Marketing Support and Securitization Act --is designed to help state and local governments start major construction projects by loosening up the bond markets those governments often rely on for funding.
“What I proposed today may not provide the ultimate solution, but I believe it provides a starting point to begin addressing this critical situation,” said Connolly, former chairman of the Fairfax County Board of Supervisors.
--Neil Simon/Media General News Service