The Biden-Harris administration has provided a low-interest loan commitment to California utility giant PG&E to tackle "climate change" and bolster its power grid. The move reflects the administration's broader push over the first term: out-of-control compulsion to spend taxpayer funds like a drunken sailor on endless wars, climate change, wokeism, and more.
The Wall Street Journal reports the Energy Department's Loan Programs Office has provided PG&E with a record $15 billion low-interest loan commitment, allowing the utility company to revamp hydroelectric infrastructure, support green projects, and improve the power grid.
Sources familiar with the matter said the Energy Department was initially set to provide PG&E with a $30 billion loan, but that figure was halved due to concerns about the utility's large upfront payments.
The Biden-Harris team's uncontrolled spending spree comes just days after they provided the Energy Department's second-largest loan—$9.6 billion—to a joint venture between Ford Motor Company and South Korean battery maker SK On to help finance battery plants in Tennessee and Kentucky.
Last month, the Energy Department announced a $6.6 billion loan to Rivian Automotive to build a factory in Georgia, which was previously shelved amid financial turmoil at the EV startup.
Another joint venture, between Stellantis and Samsung SDI, secured a $7.5 billion loan commitment this month to construct EV battery plants in Indiana.
Biden-Harris' 2022 Inflation Reduction Act has turbocharged the Energy Department's lending capacity, funneling hundreds of billions into green projects. However, there are growing concerns that this unchecked spending continues to stoke elevated inflation.
Meanwhile, utility giant Duke Energy has pulled back from the Energy Department's lending facility ahead of the next administration, citing uncertainties surrounding the program.
This uncontrolled spending spree by the Biden-Harris team comes as the US deficit exploded to a staggering $624.2 billion for October and November. This marks the highest deficit on record for the first two months of the fiscal year.
As for Elon's Department for Government Efficiency (DOGE) somehow managing to trim federal spending...
It's either going to work or it's not. Here is the alternative https://t.co/cHZA2wHnPB pic.twitter.com/LMEI4tISZL
— zerohedge (@zerohedge) November 13, 2024
... all we have to say is: good luck with that one.
The Biden-Harris administration has provided a low-interest loan commitment to California utility giant PG&E to tackle “climate change” and bolster its power grid. The move reflects the administration’s broader push over the first term: out-of-control compulsion to spend taxpayer funds like a drunken sailor on endless wars, climate change, wokeism, and more.
The Wall Street Journal reports the Energy Department’s Loan Programs Office has provided PG&E with a record $15 billion low-interest loan commitment, allowing the utility company to revamp hydroelectric infrastructure, support green projects, and improve the power grid.
Sources familiar with the matter said the Energy Department was initially set to provide PG&E with a $30 billion loan, but that figure was halved due to concerns about the utility’s large upfront payments.
The Biden-Harris team’s uncontrolled spending spree comes just days after they provided the Energy Department’s second-largest loan—$9.6 billion—to a joint venture between Ford Motor Company and South Korean battery maker SK On to help finance battery plants in Tennessee and Kentucky.
Last month, the Energy Department announced a $6.6 billion loan to Rivian Automotive to build a factory in Georgia, which was previously shelved amid financial turmoil at the EV startup.
Another joint venture, between Stellantis and Samsung SDI, secured a $7.5 billion loan commitment this month to construct EV battery plants in Indiana.
Biden-Harris’ 2022 Inflation Reduction Act has turbocharged the Energy Department’s lending capacity, funneling hundreds of billions into green projects. However, there are growing concerns that this unchecked spending continues to stoke elevated inflation.
Meanwhile, utility giant Duke Energy has pulled back from the Energy Department’s lending facility ahead of the next administration, citing uncertainties surrounding the program.
This uncontrolled spending spree by the Biden-Harris team comes as the US deficit exploded to a staggering $624.2 billion for October and November. This marks the highest deficit on record for the first two months of the fiscal year.
As for Elon’s Department for Government Efficiency (DOGE) somehow managing to trim federal spending…
It’s either going to work or it’s not. Here is the alternative https://t.co/cHZA2wHnPB pic.twitter.com/LMEI4tISZL
— zerohedge (@zerohedge) November 13, 2024
… all we have to say is: good luck with that one.
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