The House yesterday approved $18 billion of renewable energy tax incentives, including authorization for $5.6 billion of taxable tax-credit bonds, in spite of a threat from President Bush to veto the bill.

Prior to approval of the bill, by a 236-to-182 vote, House Speaker Nancy Pelosi, D-Calif., said it will "put us on a path towards energy security and energy independence in a fiscally responsible way," by repealing $18 billion of tax breaks to oil and gas producers and spending that amount on green energy tax breaks.

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