(NEWSMAX) — I'll call it "Obama's good deed."
The president earlier this month announced his support for a $4.7 billion initiative to promote the use of alternative-fuel vehicles, a move designed to improve national security by reducing the United States' dependence on foreign oil.
The plan, announced at a truck manufacturing plant in North Carolina, will distribute about $1 billion in funds among 10 to 15 cities or towns to invest in advanced clean-fuel vehicles, including those that run on electricity, biofuels, and natural gas.
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Another $3.7 billion will go to tax credits for purchasers of alternatively fueled cars, as well as a new tax credit for trucks powered by alternative fuels. Obama's proposal will expand the current credit for buying electric vehicles and support development of natural gas refueling "corridors" that would enable natural-gas-powered trucks to move goods.