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US won’t let China win the race for clean energy technology: Obama

PTI Washington | Updated on March 12, 2018 Published on October 10, 2012

A file photo of US President Barack Obama.   -  Business Line

Ahead of crucial presidential debate in New York, US President Barack Obama said the United States would not let China win the race for clean energy technology as he will continue to emphasise on developing technologies ahead of countries like China.

“I’m not going to let oil companies continue to collect another $4 billion in taxpayer-funded corporate welfare every single year. I’m not going to let China win the race for clean energy technology,” Obama said in an election campaign speech in the battleground state of Ohio.

Obama said his plan will continue to reduce the carbon pollution that is heating the planet, because climate change is not a hoax.

“More draught and floods and wildfires are not a joke. They’re a threat to your future. And we’ve got to make sure that we meet the moment. That’s why I’m running,” he said.

“I believe that we should have the best education system in the world, bar none. I would not be here if it were not for the education I was able to receive. I didn’t come from wealth or fame, but I got a great education because that’s what this country does. It was the gateway of opportunity for Michelle.

It’s the gateway of opportunity for so many of you,” he said.

During his speech, Obama was highly critical of his Republican challenger Mitt Romney.

“The centerpiece of Governor Romney’s economic plan is a new $5-trillion tax cut that favours the wealthiest Americans. He has been pitching that plan for an entire year, stood up onstage in one of his primary debates, proudly promised that his tax cuts would include the top 1 per cent,” he said.

But most of the economists who’ve actually crunched the numbers said that paying for Romney’s tax plan either means blowing up the deficit or raising taxes on middle-class families or the other, he said.

“Then, last week, Mitt Romney actually said there’s no economist who can say Mitt Romney’s tax plan adds $5 trillion if I say I will not add to the deficit with my tax plan. So he said if he says it’s not true, then it’s not true,” he said.

“So if it’s true that it’s not going to add to the deficit, that leaves only one option — and that’s asking middle-class families to foot the bill by getting rid of the deductions they rely on for owning a home or raising their kids or sending them to college,” Obama said.

“As it turns out, most folks don’t like that idea, either. So just last week when we were onstage together, Governor Romney decided that instead of changing his plan, he’d just pretend it didn’t exist. What $5-trillion tax cut? I don’t know anything about a $5-trillion tax cut.

Pay no attention to that tax cut under the carp,” Obama said.

Published on October 10, 2012
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