White House endorses clean energy tax credit

WASHINGTON, D.C. - Vice President Joe Biden proposed a $5 billion expansion of a clean energy tax credit as the White House unveiled the latest part of its push to tackle double-digit U.S. unemployment.

Senior Obama administration officials said they were confident of getting quick congressional support for the plan, which they expect to generate $15 billion or more in private investment and create tens of thousands of new manufacturing jobs.

The announcement came alongside a White House report on the vital role manufacturing plays in the U.S. economy, as Biden hosted chief executives to unveil a new framework from President Barack Obama to boost U.S. factories.

The officials said in a telephone conference that ensuring foreign exchange values were set in markets was part of the wider discussion on helping U.S. manufacturers lift exports, but were not a specific item in Obama's current focus. U.S. manufactures complain China artificially holds the value of its yuan currency down to give its exports a competitive edge.