More Failures Uncovered in Foster's Stimulus Energy Policy

From the National Republican Congressional Committee (NRCC)…

Illinois Democrat’s Solyndra Scandal Put Politics Before Taxpayer Oversight

WASHINGTON --- Bill Foster's $800 billion stimulus (Roll Call #70, 2/13/09) was supposed to create jobs and promote energy independence to justify its enormous price tag, but the failed big-government experiment continues to unravel. A new audit shows that the Treasury Department was given just one day to review the $535 million taxpayer-backed loan guarantee to Solyndra in order to make way for a press release, and the Obama Administration alarmingly claims that this level of oversight is the “regular review process” for Foster's stimulus energy loans.

“If the $535 million Solyndra bankruptcy is the result of the ‘regular review process’ for Bill Foster's failed stimulus energy policies, then taxpayers should be very worried about paying for more to come,” said NRCC Communications Director Paul Lindsay. “Foster promised jobs and energy independence from his $800 billion stimulus gamble, but its legacy will simply be more wasteful spending and debt.”

A new audit found that the Treasury Department was only given one day to complete its review of the taxpayer-backed $535 million Solyndra loan guarantee in order to accommodate a press release:

“The U.S. Treasury Department was given one day to complete its review of the government’s $535 million loan guarantee to Solyndra LLC, the bankrupt solar-panel manufacturer, to accommodate an Energy Department press release, according to a Treasury audit.” (Alison Vekshin, “Solyndra’s Loan Guarantee ‘Was Rushed,’ Treasury Audit Says,” Bloomberg, 4/3/12)

President Obama has defended this level of oversight and claimed it is the “regular review process” for all stimulus energy loans:

“Obama has defended the Solyndra loan, which had been the poster child of the administration’s green jobs push, telling ABC News last month that ‘hindsight is always 20/20.’

“‘It went through the regular review process, and people felt like this was a good bet,’ he said.” (Devin Dwyer, “For Sale: Banner That Greeted Obama at Solyndra,” ABC News’ Political Punch Blog, 11/2/11)

www.nrcc.org

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