House Republicans Urge End to Stalled DOE Loan Program

House Republicans are calling for an end to a U.S. Energy Dept. auto industry program set up in 2008 to loan as much as $25 billion for advanced-technology programs, The Detroit News reports.

The Advanced Technology Vehicle Manufacturing Program has awarded $8.4 billion in loans but none in the past four years. The program stalled in 2011 after the high-profile collapse of such loan recipients as battery maker A123 and solar panel company Solyndra.

Numerous other applicants complained applications were extraordinarily complex and approvals interminable. Last October DOE announced a more streamlined process and said it would soon announce some $16 billion in loans for suppliers working on "green" vehicle programs. But none has been approved.

The House Republicans say their budget proposal would rescind all funding for the program and "protect taxpayers from being on the hook for future boondoggles."