Obama Flushes Billions Down The Toilet

More money for politically connected solar energy companies.

When the DOE’s stimulus-funded clean-energy loan guarantee program expires at the end of the fiscal year Friday, the agency will have signed onto at least 24 projects and more than $16 billion in loan guarantees, including Solyndra. DOE doesn’t actually lend the money, but the guarantees help the companies get financing elsewhere by promising that taxpayers will make up the loss if a project fails.

At the beginning of the month, DOE was considering more than a dozen applications. As of late Thursday, the department still had six projects in its queue.

 As the furor around Solyndra reached a new pitch this month, DOE faced a dilemma: Continue finalizing projects and endure more GOP fury about the loan guarantees. Or terminate the pending applications, leaving the companies and their projects out in the cold after they spent, in some cases, millions of dollars preparing for the review.

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