Sunday, July 4, 2010

Obama announces $2 Billion for Solar Power

Courtesy by The Associated Press

President Barack Obama announced Saturday the awarding of  nearly $2 billion for new solar plants that he said will  create thousands of jobs and increase the country's use of  renewable energy sources.

Obama disclosed the funding in his weekly radio and online address, saying it is part of his plan to bring new industries to the U.S.We're going to keep competing aggressively to make sure  the jobs and industries of the future are taking root right  here in America," Obama said.

The two companies that will receive the funds from the president's $862 billion economic stimulus are Abengoa Solar, which will build one of the world's largest solar  plants in Arizona, creating 1,600 construction jobs; and Abound Solar Manufacturing, which is building plants in Colorado and Indiana. The Obama administration says those projects will create more than 2,000 construction jobs and 1,500 permanent jobs.

Obama's announcement came a day after the Labor Department  reported that employers slashed payrolls last month for the  first time in six months, driven by the expected end of  225,000 temporary census jobs. Meanwhile, private-sector  hiring rose by 83,000 workers.

The unemployment rate dropped to 9.5 percent. Obama said that while it may take years to bring back all
 the jobs lost during the recession, the economy is moving in a positive direction. He placed some of the blame for the  slow pace of recovery on Republicans, saying GOP lawmakers,are playing the same old Washington games and using their power to hold this relief hostage."

Obama has said that to bring the nation's economy back from the brink of a depression, it was necessary to add to the country's debt in the short term.
 Republicans have tried to capitalize on that growing sum. Georgia Sen. Saxby Chambliss said in the Republican's weekly address that the country's $13 trillion debt is a national security issue that will leave the U.S. vulnerable and force  future generations to "pay higher taxes to foot the bill for Democrats' out-of-control spending."

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