Biden Rushed Out Billions for Green Energy Projects Before Trump Took Office
On President Joe Biden’s way out the door, officials in his administration were busy—not just packing up their offices, but shoveling as much money as possible before incoming President Donald Trump could get his hands on it.
Per the U.S. Department of Energy’s website, its Loan Programs Office (LPO) provides “clean energy and advanced transportation technologies….with access to needed loans and loan guarantees when private lenders cannot or will not.” As of August 2022, the LPO had loaned out only $32.7 billion, but Biden-era spending bills supercharged the office, increasing its loan authority for infrastructure projects to $400 billion. Of that total, though, $290 billion would expire in September 2026, with another $50 billion expiring in 2028.
Besides, Trump is famously skeptical of green energy projects and would be unlikely to use the cash on projects favored by progressives. So in the roughly two months between Trump’s election and inauguration, Biden administration officials worked diligently to approve as many projects—and spend as much taxpayer money—as possible.
In November 2024, just weeks after the election, the LPO announced “a direct loan of up to $6.57 billion” that would allow Rivian, a luxury electric vehicle (E.V.) manufacturer, to finish construction on its new factory in Georgia—even though that state’s government previously awarded the company tax credits and incentives worth as much as $1.5 billion. Also in November, the LPO announced a loan guarantee of up to $4.9 billion for the Grain Belt Express Phase 1, a high-capacity network of power lines
Article from Reason.com
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