• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Venango County Tea Party Patriots

A non-partisan, non-profit, non-member, association dedicated to educating the public and promoting the principles of fiscal responsibility, constitutionally limited government and free market economics, and all other lawful activities.

  • Home
  • Events
  • Alerts
  • Resources
    • Resources – National
    • Resources – Pennsylvania
    • Resources – Venango County
    • Election Voter Registration Resources for Churches
    • Voter Resources
    • Resources – Other Organizations
  • Voter Registration Tools
  • Get Email Alerts
  • Contact Us

Jane Richey / February 13, 2012

Expect More Loan Guarantee Failures

Energy Secretary Steven Chu again warned Friday that more recipients of Energy Department green technology loan guarantees will likely collapse even as he touted the strength of the program overall.

The White House commissioned the report last October amid increasing GOP criticism over the bankruptcy of Solyndra, the California solar panel company that collapsed in September after receiving a $535 million loan guarantee two years earlier.

Beacon Power Corp., an energy storage company that received a $43 million guarantee (and drew $39 million of its federally backed loan), has also filed for bankruptcy. The Energy Department, however, expects to recover more than 70 percent of the money.

But the outside report on the Energy Department’s $23.8 portfolio includes a reduced federal estimate of taxpayer risk of losses to roughly $3 billion, compared to an earlier $5 billion department estimate.

The report evaluated 30 loan guarantees (and direct loans to automakers) but did not include Beacon and Solyndra.

Read more.

Share this:

  • Telegram
  • Facebook
  • Twitter
  • LinkedIn
  • Pocket
  • WhatsApp
  • Print
  • Email

Filed Under: Constitutionally Limited Goverment, Fiscal Responsibility, Free Markets, Politics Tagged With: bankruptcy, Energy Department, green energy, loan guarantee, solar panel, Steven Chu

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Recent Posts

  • Sept. 11, 2022 – Patriot’s Day – 2nd Screening
  • So, what’s VCTPP doing to bring Election Integrity back?
  • April 23, 2022 – VCTPP Monthly Meeting

Archives

Footer

Contact Us

Venango County Tea Party Patriots
155 Summit Drive
Franklin, PA 16323

Phone
814-671-7110

Email
jane@vctpp.org

Frequently Searched Terms

Agenda 21 Barack Obama Ben Bernanke budget climate change Congress Congressional Budget Office debt deficit Department of Energy Department of Health and Human Services economy environment Environmental Protection Agency EPA Federal Reserve fiscal cliff food stamps fracking gas prices global warming Government Accountability Office Governor Corbett green energy Internal Revenue Service IRS Keystone Pipeline marcellus shale Medicaid Medicare natural gas Obamacare President Obama recession regulations sequestration small businesses Social Security spending cuts stimulus taxes TEA Party unemployment United Nations voter ID

Facebook has been “fact-checking,” blocking and removing conservative posts. Follow us on Telegram.org for unedited access.

Click Here

Follow Us

Follow Us

Copyright © 2023 Venango County Tea Party Patriots · Web Design by OptimusMedia.com · Log in