The American taxpayers are on the hook for less than predicted but this is still huge! It was Obama’s green energy scam with companies like Solyndra that was like flushing millions and billions down the toilet…
Taxpayers are on the hook for more than $2.2 billion in expected costs from the federal government’s energy loan guarantee programs, according to a new audit Monday that suggests the controversial projects may not pay for themselves, as officials had promised.
Nearly $1 billion in loans have already defaulted under the Energy Department program, which included the infamous Solyndra stimulus project and dozens of other green technology programs the Obama administration has approved, totaling nearly about $30 billion in taxpayer backing, the Government Accountability Office reported in its audit.
The hefty $2.2 billion price tag is actually an improvement over initial estimates, which found the government was poised to face $4 billion in losses from the loan guarantees. But as the projects have come to fruition, they’ve performed better, leaving taxpayers with a shrinking — though still sizable — liability.
“As of November 2014, DOE estimates the credit subsidy cost of the loans and loan guarantees in its portfolio — that is, the total expected net cost over the life of the loans — to be $2.21 billion, including $807 million for loans that have defaulted,” the GAO said in its report to Congress.
The green program loan guarantees were created in a 2005 law and boosted by the 2009 stimulus. The first applications were approved in 2009, and through 2014 the Obama administration had issued some 38 loans and guarantees, covering 34 projects ranging from nuclear power plants to fuel-efficient vehicles to solar panels and wind-generation technology.
Read more: Washington Times