Stop New Authority to D.O.E. Loan Guarantee Program

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Today, we join together to urge you to not provide any additional loan guarantee authority to the Department of Energy (DOE) Loan Guarantee Program in the Fiscal Year 2012 Energy and Water Development Appropriations Bill. The President’s Fiscal Year 2012 budget requests an additional $36 billion in budget authority for nuclear reactors and appropriates $200 million for renewable energy technologies subsidy costs.  With a looming $1.65 trillion budget deficit and heated debates on how to draw down long-term federal expenditures, the last thing Congress should do is increase unnecessary spending authority for a program that is sure to become a black hole for tens of billions more.  At a time when French and Japanese nuclear firms and other potential private investors are questioning their willingness to participate in the existing program, Congress should show similar caution by at least not expanding this program.