Sorta. As occasional TAC reporter, Tim Carney points out in his latest column for the DC Examiner, there is a hidden bailout for GE in Obama’s latest budget.
While many companies hire lobbyists to win earmarks, General Electric’s unmatched lobbying force has secured a tax increase — or its equivalent — in President Barack Obama’s budget.
Labeled “climate revenues” and totaling $646 billion over eight years, this line item in Obama’s budget has inspired confidence in GE Chief Executive Officer Jeff Immelt. As Immelt put it in a letter this week, he believes that the Obama administration will be a profitable “financier” and “key partner.”
Tim’s work for the Examiner is essential reading. GE has had one of the biggest lobby operations for years, and Obama was the top recipient of GE money in the last cycle. As a gift, he’s greating a greenhouse gas industry. GE may be the biggest partner, but enterprising reporters should look for the dozens of recently-created companies that will spring up in places like Chevy Chase, MD and Vienna, VA that will look to rake in huge consulting fees on the “greening” of government buildings.