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Sen. Bennett: Wind Energy on Cusp of Paying for Itself

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    Sen. Michael Bennett, (D-Colo.), on extending wind energy tax breaks.

  • Duration 3:35
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Duck -- and energy stand on its own two feet -- -- is growing in congress over extending tax breaks that are set to expire at the end of the year -- next guest is leading the charge.

To extend the tax credit democratic senator Michael Bennet of Colorado joins me now from Capitol Hill senator thanks so much for joining us today.

Thanks for having -- Melissa.

-- -- the production tax credit which expires at the end of the year on cost taxpayers about two to four billion dollars a year were RD paying so much for gas and energy everything else.

Why should we see this as well.

Well keep in mind that this is a tax credit is not an hour away.

Of cash from the federal government.

But I think that the question the US is a legitimate one for the entire tax.

And in the case of the wind production tax credit.

That industry is on the cost.

-- being able to be profitable on its own.

I don't we we should keep this tax credit forever but I do you think we needed the next couple of years or three years as -- engineer our way.

To a place we're the fixed cost don't destroy this nation industry and that's -- this is about.

We've been hearing that for a long time now that it's on the -- -- actually paying for itself but still only accounts for 3% of energy of electricity generation in this country.

I think a lot of people are asking themselves why should we give this even more time right now what natural gas is so abundant and cheap why don't use that.

Well I don't think it's the in either or proposition in my state we have abundant wind and abundant natural gas.

And I strongly believe that we should be doing much more.

To create markets for our natural gas here in the United States and we're failing to do it you know.

A lot of he does a lot of rhetoric these days about.

Picking winners and losers -- how the government shouldn't pick winners and losers right I actually agree with that but what that means in Washington.

Did you when you fall into that discussion.

Is that.

Whatever winner is something like I'm saying when production tax credit is a winner because -- -- American jobs and drugs and come up.

Other people say it's a loser because estate cause.

That this is your thought they Myers area to 4000000002 to four billion dollars -- the way I think we should be evaluating this is not.

Would which special interest is louder in Washington -- -- it's happening right now we should be asking ourselves.

Is this more or less likely to help create an ecosystem where jobs are being created here and wages are rising at the answer to that is no.

Hi -- I'm all for getting rid of whatever that tax credit it's easy to.

Ads are you -- on the verge of supporting -- what's your time horizon when do you think it will be able to sport itself without our contracts.

-- -- Based on what I have heard from the industry.

Sometime within the next three to five years obviously a lot has to do with the cost of energy but generally but the engineering really has gotten much better.

So would you set a goal and say you know we'll give this industry more money this year but it's at the end of five years.

It if they are able to support themselves no more tax credits from the gotten out would you be willing -- -- like that.

I would be fine with that and I have sit and by the way I think that's -- that and a discipline that we should be applying to our tax code generally.

People who have acquired all kinds of runs in this tax code deep in the last century and there's not evidence on a lot of them that they're actually.

Creating jobs here driving in comes up and I think the American taxpayer should look at that and say -- why are we doing this.

Yeah -- senator Bennett I like that will give them an exploding deadline to be profitable clients stand on their on that makes a lot of sense thanks so much for joining us today we appreciate it.

Thank you for having me.

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