The Republican National Committee is aggressively trying to make the bankruptcy and investigation of California solar energy firm Solyndra into a liability for President Barack Obama, calling it a “prime example of stimulus failure.”
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“After laying off 1,100 workers, wasting over $500 million in loan guarantees and becoming the subject of an FBI investigation, Solyndra is the now the prime example of stimulus failure,” Chairman Reince Priebus said in a statement Monday. “Before taxpayers are forced to spend another dime of stimulus money, the White House must explain why they were so reckless the first time around.”
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The loan issued to Solyndra was the first under a federal loan guarantee program managed by the Department of Energy. The program was created in 2005 under the Bush administration but supported in large part by funds from the 2009 American Recovery and Reinvestment Act, the stimulus program.
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