The GOP plan blasted the Obama administration’s 2009 decision to green-light a $535 million loan guarantee to Solyndra, a California solar firm that filed for bankruptcy in September 2011.
Republicans have pounced on the bankruptcy, alleging that officials missed red flags about the company’s financial problems and claiming that the loan was a sop to Obama’s campaign donors. The White House and administration officials have strongly denied the allegations.
The Ryan budget calls for getting the “government out of the business of picking winners and losers,” a common GOP criticism of Obama administration policies that promote renewable-energy projects.
“This budget would roll back federal intervention and expensive corporate welfare funding directed to favored industriesy,” the budget stated. “Instead, it would promote policies aimed at reliable energy, lower energy prices, greater revenue generation through prosperity, and market-based solutions for sustainable energy.”
And the plan calls for a massive expansion of domestic oil-and-gas production.
“In stark contrast to the President’s energy policy, this budget promotes new energy exploration to discover unknown energy resources, generate millions of new high-paying jobs and help fund needed infrastructure initiatives.”
The plan assumes increased revenue from the drilling expansion.
The plan “scales back spending on government bureaucracies that are seeking to impose a job-destroying national energy tax.”
And the budget would maintain core energy research, while “paring back duplicative spending and non-core functions, such as applied and commercial research or development projects best left to the private sector.”
Read more about the GOP budget plan here.