Part of a Series
Congress should replenish the $1.5 billion it rescinded from the Recovery Act clean energy loan guarantee funds intended to help pay for recently approved legislation for the federal medical assistance percentage or FMAP. This $1.5 billion was meant for the Department of Energy’s loan guarantee program to encourage the investment and construction of commercially viable clean energy technology.
While FMAP is indeed worthy legislation, its funding shouldn’t be taken from the Department of Energy’s clean energy loan guarantee program. Taking $1.5 billion out of the Department of Energy’s loan guarantee program can ultimately prevent as much as $24 billion in clean energy investments. Additionally, this isn’t the first time Congress has inappropriately singled out the DOE loan guarantee program for cuts.
Congress should consider other options for funding besides removing money from activities that create jobs, cut pollution, and advance a clean energy economy. It should end the senseless practice of providing wasteful tax breaks to big oil companies and the fossil fuel industry. In the face of staggering oil company profits these outdated handouts to big oil weaken our national security, hurt our environment, and bring us higher energy prices.
For more information please see:
End the Raids on Clean Energy Funding – by Jake Caldwell and Richard W. Caperton