President Obama pledges $8 billion to first nuclear plant built in US in nearly 3 decades

Kenneth R. Bazinet
DAILY NEWS WASHINGTON BUREAU

 

Tuesday, February 16th 2010, 4:03 PM

 

Wilson/Pool

President Obama pledges $8 billion in loan guarantees to build the first nuclear power plant in the United States in nearly 30 years.

WASHINGTON - President Obama announced more than $8 billion in loan guarantees Tuesday to build the first nuclear power plant in the U.S. in nearly three decades.

"It's a plant that will create thousands of construction jobs in the next few years, and some 800 permanent jobs, well-paying permanent jobs, in the years to come," Obama said.

"And this is only the beginning. My budget proposes tripling the loan guarantees we provide to help finance safe, clean nuclear facilities - and we'll continue to provide financing for clean energy projects here in Maryland and across America," Obama added while visiting IBEW Local 26 headquarters in suburban Lanham, Md.

The Department of Energy will oversee $8.3 billion in loan guarantees to build the first new nuclear plant in Burke County, Ga., by Southern Co.

Obama's decision places him in rare agreement with former Vice President Dick Cheney and many Republicans who have accused Democrats of playing environmental politics with nuclear policy while railing against America's dependence on foreign oil.

Anticipating vigorous debate on the issue, Obama said he expects support and criticism for the project, but insisted nuclear energy is a clean, green source of dependable energy.

"Even when we have differences, we cannot allow those differences to prevent us from making progress. On an issue which affects our economy, our security, and the future of our planet, we cannot continue to be mired in the same old debates between left and right; between environmentalists and entrepreneurs," Obama said.

The President warned that if the U.S. doesn't begin reinvesting in nuclear power, as well as other energy sources, it will be overtaken by other nations that are already acting.

"Our competitors are racing to create jobs and command growing energy industries. Nuclear energy is no exception. Japan and France have long invested heavily in this industry. Meanwhile, there are 56 nuclear reactors under construction around the world: 21 in China; 6 in South Korea; 5 in India," Obama said.

"And the commitment of these other countries isn't just generating jobs; it's generating demand for expertise and new technologies. Make no mistake: whether it is nuclear energy, or solar or wind energy, if we fail to invest in these technologies today, we'll be importing them tomorrow," he added.

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