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Obama continues to press for more fuel-efficient vehicles with new budget proposal

Despite the fact that consumers are not adopting electric vehicles and hybrids in force, the Obama administration continues to push ahead encouraging new vehicle research and broader availability for electric vehicles and hybrids. The federal government has handed out loans to help spur research and development to bring more fuel-efficient vehicles and other green technologies to market, and those loans have backfired on several occasions.

While Tesla Motors by all accounts seems to be thriving, producing upwards of 500 cars/week, some of its competitors haven’t been so lucky. Fisker was one of the recipients of a large government-backed loan and the company is expected to file bankruptcy soon.
President Obama has sent his 2014 budget proposal to Congress this week and while many programs and services are seeing their budgets cut, Obama is calling for a massive boost in money available for vehicle research. President Obama wants to increase the Energy Departments vehicle research budget by 75% to $575 million.

Tesla Model S assembly line [Image Source: Tesla Motors via Flickr]

Obama also wants to create a $2 billion trust fund to research ways to wean the country off foreign oil over the next 10 years.

"We'll continue our march toward energy independence," said Obama.

Obama is also calling for provisions in his budget to help jumpstart sagging electric vehicle sales. The president wants to increase the tax credit for electric vehicle purchases from $7,500 today to $10,000. With the current tax credit, the electric vehicle buyer takes the tax incentive as a discount on their yearly taxes. Obama's new plan would allow consumers to take the discount at the point of sale as a rebate.

The budget also wants to accelerate research and development for emerging battery technologies and new manufacturing processes to allow the automotive industry to produce cheaper electric vehicles with better range and faster charging capability.

Source: Detroit News

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corporate welfare
By DockScience on 4/11/2013 1:53:51 PM , Rating: 2
Is there a single nickel this President doesn't want to spend?

Every MONTH, this government borrows tens of billions our children must repay.

Obama's own budget is cutting social security and Medicare. We just don't have the money for nice to haves.

RE: corporate welfare
By ClownPuncher on 4/11/2013 2:14:08 PM , Rating: 2
I don't have children, so it's up to your children to repay that debt. Sucker.

RE: corporate welfare
By laviathan05 on 4/11/2013 2:41:31 PM , Rating: 2
A sincere thank you for removing yourself from the gene pool.

RE: corporate welfare
By ClownPuncher on 4/11/2013 2:57:45 PM , Rating: 2
You don't like jokes?

RE: corporate welfare
By wookie1 on 4/11/2013 5:56:36 PM , Rating: 2
Haven't you heard him, he stated clearly that we don't have a spending problem, but rather a revenue problem! Just send more money please.

RE: corporate welfare
By TheSlamma on 4/11/2013 8:39:12 PM , Rating: 2
Who cares about the children, it's already destroying Generation X and younger as it is. It isn't even worth saving money anymore, a 5 year CD at .7%.. No wonder no one has savings and is in debt up to their ears.. there is zero point in saving anymore. It seems like if you don't go out on a shopping spree and buy yourself into unrecoverable debt then do bankruptcy you are just a sucker.

RE: corporate welfare
By MadMan007 on 4/12/2013 2:06:23 AM , Rating: 2
Why would anyone the age of 'Gen X and younger' put any significant amount into CDs or savings accounts? They ought to have their emergency funds there, nothing more, the rest needs to be in real investments not 'savings.'

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