Tom Coburn: “The assumption is, if this becomes an Export-Import Bank loan, then it, in fact, will be at a rate less than what China…”

“The assumption is, if this becomes an Export-Import Bank loan, then it, in fact, will be at a rate less than what China could borrow in the international markets for the same thing. If you go out and check loans on nuclear powerplants, what you see is they are high- premium loans because there is a lot of risk. Whatever they do, if they, in fact, finance it, or if they, in fact, guarantee it and don't finance it, the rate is going to come down, so that builds the risk for the American people. I agree, they probably will pay it back. My argument is, whatever it is, if we are subsidizing it, either through the auspices of a guarantee or a loan through a reduced rate, what could we be using that same buying power for here? So there is an economic cost. If we put $5 billion over here, it is going to cost us by not putting it somewhere else in terms of loan guarantees. The question is not whether we ought to have a vibrant nuclear power industry in this country. The question in my mind is this. I understand the global economy. You are talking about the vast majority of the major players in this not being American companies--the vast majority. Although Westinghouse employs Americans, the profits that inure to Westinghouse through a loan guarantee for subsidy go to the British, not to Americans. That government owns it through the nuclear power unit, the research fuels unit of the British Government, British Nuclear Fuels. They own it 100 percent.…”