The U.S. Senate October 1 voted 74-25 in favor of a $700 billion financial industry “bailout” bill that includes tax credit extensions for renewable energy sources. A House vote is expected around press time. California’s two senators, as well as both presidential candidates, voted for the measure. In the version passed by the Senate, the “investment tax credit,” applied to solar companies, would be extended to January 1, 2017. For the “production tax credit,” applied to wind and geothermal, the Senate agreed to a year’s extension. Also, credits for other forms of renewable energy would be extended for two years. The pressure on senators to pass or defeat the bill was bipartisan. Senator Harry Reid (D-NV) minority leader said that the bill isn’t to bail out the “titans” of the financial industry, but to help the “middle class.” Senator Bernie Sanders (I-VT) called the money going to the bailout a result of a “spasm of greed” by the banking industry. He added that it would cost every citizen $2,200 to pay for the bill. Senator Barbara Boxer (D-CA) originally called the government intervention a buyout of “toxic assets,” but ended up voting for the bill. Editor's note: Just at press time, the House acted on the Senate's version of the financial rescue bill, which includes the Senate Finance renewable tax extenders package. The final vote was 263 in favor (172 Dems, 91 Republicans), 171 opposed (63 Dems, 108 Republicans). The bill now goes to President Bush to sign into law.
