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By CER News Desk on Sep 16, 2012 with 3 responses

House Votes to Stop Energy Loans

Tags: DOE, Solyndra

Republicans pass the “No More Solyndras Act”

The Republican Party pushed a bill through the House that would eliminate ongoing federal loan guarantees that exist as a part of President Barack Obama’s economic stimulus package, enacted shortly after he assumed office in 2009. While the bill has no hope of successfully passing through the Democrat-rich Senate, it does stand to highlight one of the major shortcomings in Obama’s presidency mere months before he attempts to earn a second term in office.

Passing on a mainly party-line vote at 245-161, the bill would require the United States Treasury to review and approve any further loans given through the energy sector stimulus funds while reiterating the law that forbids subordinating loans, allowing for private investors to be repaid before the government.

Dubbed the “No More Solyndras Act,” the move by Republicans is an effort to bring public notice to the taxpayer money lost in bad investments through the stimulus program, particularly the $500 million given to solar power company Solyndra LLC, a firm that went bankrupt in the face of Chinese competition soon after receiving its government loan.

“I’m stunned by the cavalier manner in which the administration squandered all of these tax dollars,” said Republican Rep. Fred Upton of Michigan, chairman of the House Energy and Commerce Committee, “yet says it has no regrets, no apologies, about its handling of the program. Burning money is one source of energy that the country doesn’t need.”

Members of the Democratic Party have dismissed the vote as partisan and not useful to the debate over stimulus funds, adding that the Republican claim that the Solyndra loan was made for political reasons remains unproven.

“It’s clear that this legislation is a political exercise,” said Democratic Rep. Diana DeGette of Colorado. “It does nothing but attempt to keep the word ‘Solyndra’ in the news.”

  1. By stan on September 17, 2012 at 8:46 am

    I remember when I was in elementary school, and I chewed some gum, and the teacher told me I had to bring gum for everyone in the class the next day…..I also remember, when one student did somethigg wrong, she punished the entire class for it…..enough said?

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  2. By Jennifer Prokhorov on September 17, 2012 at 8:48 pm

    I appreciate the Republican Party’s influence which reduces our spending of taxpayers’ dollars while also, during these months, shows us what went wrong these past four years. Both matter as prerequisites to starting something positively constructive, new, informed by errors of the past.

     

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    • By shecky vegas on September 18, 2012 at 2:56 pm

      Yeah, good thing that war we started in Iraq was such a big hit. Absolutely nothing wrong with that situation, eh, Jennifer?

      Oh, and how about those $500M jets the Air Force no longer wants because the technology involved is now obsolete? As long as the Republicans can push through bills that funds things that blow up and kill people, that’s a good thing, right, Jenny-poo? No waste of taxpayer dollars there, for sure.

      But let’s be sure to drag out what a disaster it is to invest in clean energy. THAT’S the real demon, isn’t it, Jennster? 

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