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GAO: Dept. of Energy’s green energy loans, predicted to turn profit, will lose money
Libertyunyielding ^ | April 28, 2015 at 10:26 am | By LU Staff

Posted on 04/29/2015 2:33:28 PM PDT by yuffy

It’s official: The Energy Department’s green energy loan program is expected to lose money despite media reports that such loans would net the government a profit. The Government Accountability Office says the DOE’s oft-touted $28 billion loan program will cost taxpayers $2.21 billion over the lifetime of the loans. Not only that, the costs to taxpayers for green loans has risen about $500 million as “the result of loan guarantee defaults” from companies like Solyndra and Abound Solar. The “credit subsidy cost of the loans and loan guarantees in its portfolio” is expected ”to be $2.21 billion, including $807 million for loans that have defaulted,” GAO reports. “The fees DOE has collected have not been sufficient to cover all of its administrative expenses for the program” because the “fees on the current loan guarantees were too low to cover ongoing monitoring costs.”

(Excerpt) Read more at libertyunyielding.com ...


TOPICS: Government; News/Current Events; Politics/Elections
KEYWORDS: energy; environazis; subsidy

1 posted on 04/29/2015 2:33:28 PM PDT by yuffy
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To: yuffy

2 posted on 04/29/2015 2:50:59 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: yuffy

$30 bil pissed over the bank.


3 posted on 04/29/2015 4:09:46 PM PDT by VTenigma (The Democratic party is the party of the mathematically challenged)
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To: yuffy

That is unexpected!


4 posted on 04/29/2015 4:15:26 PM PDT by Pollster1 ("Shall not be infringed" is unambiguous.)
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To: yuffy

Didn’t see that coming.


5 posted on 04/29/2015 4:17:50 PM PDT by 2111USMC (Aim Small Miss Small)
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To: Oldeconomybuyer

Dear Taxpayer:

Joke’s on you.


6 posted on 04/29/2015 5:05:06 PM PDT by ChicagahAl (Today's Democrats are much more Fascist than Communist; but Sen Joe McCarthy was still right.)
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