On the recordJuly 1, 2010
I rise in support of the Obey amendment, amendment No. 2 to H.R. 4899, Supplemental Appropriations for FY 2010. However, I do so with significant reservation because of the $9 billion in nuclear loan guarantees that have been inserted into this bill of otherwise badly needed funding. The nuclear power industry has already received $51 billion in loan guarantee authority. The guarantees leave the taxpayer on the hook for energy policy so fiscally irresponsible, it has attracted bipartisan opposition. Indeed, private investment in new plants is nearly impossible to come by because the investment is so unattractive. The Congressional Budget Office characterized the risk of default on such projects as 'well above 50 percent.' Even plants under construction are being abandoned. If private firms won't invest, should we be putting taxpayers on the hook? Energy from wind and solar makes more financial sense and creates many more jobs when compared with nuclear power sans massive subsidies. But the loan guarantees for clean energy sources, which were added to make the nuclear loan giveaways easier to swallow, are not an industry priority. They need more direct subsidies to get started with the urgency required to address global warming. This amendment also contains otherwise valuable funding for teacher's jobs, Pell grants, and Gulf Coast oil spill clean-up. I voted for this amendment because of the dire needs in these areas and others.
