The scent of fast money in Washington has all manner of corporate interests scrambling to show they can create jobs, especially green ones. The prize is a slice of the Obama Administration’s stimulus package, expected to range from $675 billion to $775 billion in scale. But the President-elect’s transition team is warning interest groups that they won’t see any of the money unless their pet projects meet strict criteria.
First, the projects must be “shovel-ready”—that is, ready to go immediately. “They told us that for business to get anything, we have to prove there’s a short-term job impact—within six months,” explains Brent Erickson, vice-president of the Biotechnology Industry Assn. (BIO), which is pushing for biofuels production incentives. But the projects can’t put Uncle Sam on the hook to spend money for more than a year or two. “They have to be temporary, not creating a permanent need for funding,” says Dow Chemical (DOW) lobbyist Peter Molinaro.
A “Feeding Frenzy” of Proposals
Hiring ditch diggers would get shovels in the ground fast, of course. But Obama’s team is most interested in projects that will speed America toward a greener, cleaner future, reducing both energy dependence and the emissions that cause global warming.
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