Just look the the past...and you will see the future !!
Obama clean energy loans leave taxpayers in $2.2 billion hole
The Washington Times - Monday, April 27, 2015
Taxpayers are on the hook for more than $2.2 billion in expected costs from the federal government’s energy loan guarantee programs, according to a new audit Monday that suggests the controversial projects may not pay for themselves, as officials had promised.
Nearly $1 billion in loans have already defaulted under the
Energy Department program, which included the infamous Solyndra stimulus project and dozens of other green technology programs the
Obama administration has approved, totaling nearly about $30 billion in taxpayer backing, the
Government Accountability Office reported in its audit.
The hefty $2.2 billion price tag is actually an improvement over initial estimates, which found the government was poised to face $4 billion in losses from the loan guarantees. But as the projects have come to fruition, they’ve performed better, leaving taxpayers with a shrinking — though still sizable — liability.
“As of November 2014, DOE estimates the credit subsidy cost of the loans and loan guarantees in its portfolio — that is, the total expected net cost over the life of the loans — to be $2.21 billion, including $807 million for loans that have defaulted,” the
GAO said in its report to Congress...
http://www.washingtontimes.com/news/2015/apr/27/obama-backed-green-energy-failures-leave-taxpayers/
