Texas Rep. Kevin Brady tells
Newsmax TV that his research and development bill, which passed in the House last week, needs to become law, so that the United States can remain competitive in the world.
"We used to lead the world in ... research and development," Brady told John Bachman on "Newsmax Now" on Tuesday.
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"Now, by some reports we're about 24th ranked in the world. China is growing four-fold, and some believe they'll surpass us within the decade," he explained.
"What this bill does is really incentivizes companies to do their R&D here in America and not only do you create good paying jobs, especially for those qualified college graduates coming out of school, but where you do the innovation and the research, you often do the production and the manufacturing," he said.
"It's really about restoring America's leadership in innovation," he added.
The American Research and Competitive Act passed in the House on Wednesday by a vote of 274-145, which if it becomes law, will make the current research and development tax credit permanent,
The Hill reported.
But the White House Office of Management and Budget says that if the bill makes its way to President Barack Obama's desk, his senior advisers will recommend that he veto it, saying that it "would be damaging to the administration's actions to move American competitiveness, innovation, and job growth forward."
Brady said that the Obama administration is "taking a very narrow view, and it's because Republicans are sponsoring the bill."
"The truth is, Democrats and Republicans support this bill. Always have. The problem is it's always been a temporary provision," the Texas Republican explained.
"Even though it's been in law since the '80s, it's extended one or two years at a time, which means our businesses don't make those investments because there's no certainty," he said.
"They're saying it will cost a lot of money to make it permanent although it will cost no more money than if you extend it year by year by year," he contends.
"The White House is being very shortsighted, and at the end of the day, they're seeing Republicans push innovation. They'd rather have themselves do it, but both parties ought to work together on this one," he added.
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