New York (CNNMoney) – The Energy Department's controversial loan program got some much needed help.
An independent audit, ordered by president Obama, said the DOE's loan program would cost the government $2.7 billion due to risk from defaults, a little less than the $2.9 billion in costs the energy department had predicted.
"Some technologies don't pan out; some companies fail," the president said during his State of the Union address. "But I will not walk away from the promise of clean energy."
Was he trying to help? This doesn't. Think about it. If he is investing American tax dollars, there had better be evidence that the investment is not a waste of money and regardless of whether or not clean energy is involved, if it's a bad deal I do hope he is smart enough to walk away. The nation's debt is $16 trillion. We need someone bright enough to know when to turn around and walk away.
When you see an American car remember that Mitt Romney would have let those companies go under – while his money languished in foreign investments and offshore banks. Obama worked to save the American auto industry while Mitt counted his riches.