On 8/22/2022, The New York Times reported that tucked into the Inflation Reduction Act that President Joe Biden signed last week is a major expansion of federal loan programs. The law authorizes as much as $350 billion in additional federal loans and loan guarantees for energy and automotive projects and businesses. The money, which will be disbursed by the Energy Department, is in addition to the better-known provisions of the law that offer incentives for the likes of electric cars, solar panels, batteries and heat pumps. The expansion of the loan authority carries risks for Biden and the Democrats, who passed the bill without any Republican votes. About a decade ago, conservatives seized on the failure of Solyndra, a solar company that had borrowed about $500 million from the Energy Department, to criticize the Obama administration’s climate and energy policies.
On 8/12/2022, During debate on the Democrats’ Tax and Spend bill, House Republican Leader Kevin McCarthy warned of the consequences of their out of control spending. McCarthy used his privilege as party leader to take as much floor time as he wanted. His speech went 50 minutes. “Madam Speaker when I handed the gavel to speaker Pelosi last year, I said that a house distracted cannot govern today as this majority jams through yet another partisan spending spree it is clear to me that an absent house cannot lead I trust the American people I know it is the people who will render the ultimate verdict on today’s actions and when they do 87 days from now my democratic colleagues will have only themselves to blame.
Madam Speaker I’m not sure what’s happening on your side of the aisle the members actually believe gasoline is less than it was two years ago. Madam Speaker I’m not sure what’s happening on your side of the aisle that your colleagues believe the border is more secure than it was two years ago. Madam Speaker I’m not sure what’s happening on your side of the aisle your colleagues believe the price of groceries is less than it was two years ago. Madam Speaker I’m not sure what’s happening on the other side of the aisle that your colleagues believe doubling the size of the IRS is a positive thing. Yes I come from a different party and yes I have a different philosophy but we’re all Americans. And Madam Speaker you’re going to inflict this pain on every single American.
Madam Speaker I’m not sure on your side of the aisle thinks this is going to do anything to lower the price of inflation I do know. Madam Speaker one person on the other side of the aisle in the other chambers Bernie Sanders spoke the truth and said it won’t. I know on your side of the aisle Madam Speaker not everybody believes the same former secretary of treasury warned you before you did the American rescue plan that it would bring inflation and he was right even the current secretary of treasury finally apologized said they were wrong.
The president said it was going to be transitory said it had peaked said it was everybody else’s fault but now he says it’s zero Madam Speaker I guess I do understand why your side of the aisle now believes all that I just know America doesn’t because every day America goes to the grocery store the price is increased every week when they fill up their gas tank the price is higher every month when their cash their check it goes less not as far. Madam Speaker if the border was really more secure than it was two years ago why is the dc mayor now asking for the national guard …
Madam Speaker colleagues on the other side can lie to me but they can’t lie to America and 87 days from now it doesn’t matter how you try to answer those questions the American people will I remember when we were at this stage once before we had somebody in the white house who put a sweater on told me to turn the heater down that the best days were behind us as Americans I watched another person walk to the podium and say no pastels fly the bold colors and go that shiny city on the hill we know what America is that we are more than a country we are an idea an idea so powerful that we can overcome all the pain that you have caused it won’t be easy and I’ll offer this I’ll offer this invitation for all the bad votes you have taken when the change comes we will welcome you to correct your mistakes you have made because you’ll be in committee maybe you’ll learn the gas price is higher maybe you’ll learn the groceries cost more you’ll be here to vote so you’ll hear the debate maybe I can’t blame you for thanking that if you don’t have to show up Madam Speaker there’s a lot of days on this floor to change the course of history in the last two years that history has not been bright inflation 41 year history high do you understand what that does to the American public do you understand the pain that it causes do you stand the choices that people have to make?
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NYT & Fox: warning signs of Solyndra Scandal 2.0 waste