House Panel Scales Back Obama Plan for Nuclear Loan Guarantees

President Barack Obama’s proposed $36 billion expansion of loan guarantees for new nuclear reactors would be scaled back to $7 billion, according to legislation from House Democrats to fund the U.S. government into next year.

The loan-guarantee expansion is part of a $1.1 trillion measure that is scheduled for a vote today in the U.S. House.

In his February budget proposal, Obama urged Congress to expand the Energy Department’s loan-guarantee program to $54.5 billion from the existing $18.5 billion.

To contact the reporter on this story: Simon Lomax in Washington at slomax@bloomberg.net

To contact the editor responsible for this story: Larry Liebert at LLiebert@bloomberg.net.

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