E!! The True Conservative Story™

In the interest of letting Senator Ensign speak for himself on his energy-efficiency tax credit amendment, you can click here for the full text of his Senate Floor Speech (given Thursday).

For those of you who don’t have time to read all 1,216 words, here’s the sum-up:

Ensign refers to the high cost of energy and says we need smart policy for both our economic and national security.  He claims his amendment offers tax credits that will encourage more development of alternative, renewable energy (solar, wind, and geothermal).

In answer to those who say his bill has nothing to do with housing, Ensign claims his bill will help create between 100,000 and 200,00 jobs and encourage billions of dollars worth of investment, which will strengthen the economy including the housing market.

Ensign also says the tax credits will reward people who produce their own electricity by going solar, who build or buy an energy-efficient home, or who buy energy efficient appliances…and says these are all related to housing.

In re: to the “not paid for” objection, he claims there are “$2.4 billion in tax-related items that are not paid for in [the housing] bill” and that he therefore challenges the Democratic leadership’s claim that his energy amendment won’t pass in the House. 

Ensign asks how the Democrats expect their “not paid for” housing bill to pass if the House is truly not accepting bills that aren’t paid for.  (Indeed!) 

Finally, Ensign says he is pushing for this now because (1) the private financing of solar, geothermal, and wind power projects is critical to their development, (2) his proposed tax credits will allow private businesses to predict and rely on their return on investment, and therefore (c) investor confidence will immediately rise and more clean/renewable energy projects will happen sooner.

In an unexpected move this week, Nevada Republican Senator John Ensign single-handedly delayed a vote on the Housing Stimulus Bill.  His motive?  Many are saying Ensign’s demand that a renewable-energy tax credit amendment be piggybacked onto the housing bill is sheer stubbornness over a pet project. But at least one housing industry insider has a different take, and his answer may surprise you.

As reported by Reuters, Democratic Illinois Senator Richard Durbin said the Housing bill was being hindered because of Senator Ensign’s “insistence on an unrelated amendment.”  The bill’s chief architect, Connecticut Democratic Sen. Chris Dodd of the recent Doddy-wide VIP Mortgage Scandal, said, “one United States senator has decided we shouldn’t do anything but HIS bill.”  Senate Majority Leader Reid was displeased with the delay and applied pressure by threatening to extend the Senate session into the weekend. 

Lobbyists for the Housing Bill chimed in as well.  Yesterday afternoon, I spoke to Ken Gear, Vice President of Government Affairs for Pulte Homes, Inc., one of the nation’s largest home builders.  Mr. Gear said, “This bill is too important for the country to be playing politics with.  The market continues to deteriorate and the Senate needs to work in a bipartisan fashion to get it done immediately.”

When asked whether he was accusing Senator Ensign of delaying the housing bill for political reasons and what those reasons might be, Mr. Gear declined to elaborate.  I spoke to another high-level industry insider who was willing to say more if I would agree to withhold his name:

“This isn’t about housing.  Ensign’s play to attach an energy efficiency tax credit amendment to the bill is purely political because the tax credit is going to cost $8 billion to implement but is not “paid for.”  The House has said it won’t pass any bill that doesn’t specify where the money will come from, and Ensign’s amendment doesn’t include this, so the Democratic leadership knows the bill won’t pass.  

Ensign knows this, too, but he’s trying to score political points by forcing the Democrats to vote against an energy efficiency bill in an election year in which energy policy is going to be a huge issue.”

Stand by for Part Two of Our Series: “Method or Madness: John Ensign Stalls Housing Bill Over Energy Amendment”

I’m working on what is shaping up to be the Very interesting scoop on the stalled Housing Stimulus Bill, the real reason Senator John Ensign is blocking it, what Majority Leader Harry Reid is trying to do about it, and what a high-level and in-the-know executive at one of America’s largest homebuilders had to say about it all. 

It’s going to be good stuff, folks, so tune in later tonight! 

Update (12:07 p.m. here in Vegas):  Well, it looks like this story is going to wait until tomorrow to see the light of day.  Came across new info and since I refuse to do like the Drive-By Media and post what’s easy, obvious and/or incomplete, I’ve got some more fact-checking and investigating to do before I’m ready to post.