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The Hill
16 minutes ago
- The Hill
Trump administration cancels $5B loan guarantee for solar and wind power line
The Trump administration is canceling a nearly $5 billion dollar loan guarantee for a power line that would connect wind and solar power to the grid, marking the latest in a string of attacks on renewable energy by the administration. The Biden administration had previously offered a loan guarantee of up to $4.9 billion dollars for the Grain Belt Express Phase 1 project, a massive electric transmission project in Kansas and Missouri. 'After a thorough review of the project's financials, DOE found that the conditions necessary to issue the guarantee are unlikely to be met and it is not critical for the federal government to have a role in supporting this project,' the Department of Energy said in a written statement. 'To ensure more responsible stewardship of taxpayer resources, DOE has terminated its conditional commitment,' it added. Grain Belt Express indicated in a statement that it would continue with its efforts to build the massive power line, which would stretch across 800 miles and add 5,000 megawatts of power capacity, or enough to power 500 million LED lightbulbs. 'America is energy dominant and an AI powerhouse, and Grain Belt Express will be America's largest power pipeline,' the statement said. 'While we are disappointed about the LPO loan guarantee, a privately financed Grain Belt Express transmission superhighway will advance President Trump's agenda of American energy and technology dominance while delivering billions of dollars in energy cost savings, strengthening grid reliability and resiliency, and creating thousands of American jobs,' it added. The energy department's move comes after Sen. Josh Hawley (R-Mo.) repeatedly railed against the powerline. He took credit for canceling the loan, with his office saying the cancellation came after his request. 'The Grain Belt Express boondoggle loan has been CANCELLED,' he said in a post on X. However, Democrats on the Senate Energy and Natural Resources Committee criticized the cancellation in a post on X. 'The Grain Belt Express Transmission Line would increase grid reliability and reduce electricity prices for American families. It's EXACTLY the kind of project experts say we need to meet increasing demand. Hawley, Trump, and [Energy Secretary] Chris Wright just killed it, with zero justification,' said the committee Democrats, who are led by Sen. Martin Heinrich (N.M.). In its final weeks in office, the Biden administration pushed forward several loans for climate-friendly energy projects. The Trump administration says it is now reviewing $85 billion in closed loans and conditional commitments made by the Energy Department's Loan Programs Office between President Trump's election and his inauguration. The Trump administration is also seeking more broadly to drive the country away from solar and wind, climate-friendly energy sources that they argue are not sufficiently reliable. Trump's 'big, beautiful bill' slashes incentives for solar and wind. Separately, his Interior Department recently put out a memo that is expected to make it more difficult to advance and approve wind and solar projects.


Axios
16 minutes ago
- Axios
Shaheen cuts foreign aid deal to support Waltz
Sen. Jeanne Shaheen (D-N.H.) agreed to support former Rep. Mike Waltz's nomination to be ambassador to the UN after securing an agreement with the State Department to release $75 million in foreign aid for Haiti and Nigeria. Why it matters: Waltz will now likely be confirmed by the full Senate. "In a Situation Room filled with people like Vice President Vance and Under Secretary Colby, who want to retreat from the world, and like Secretary Hegseth, I think we're better off having someone like Mike Waltz present," Shaheen said in a statement provided to Axios. "That is particularly true when you consider the alternatives to Mr. Waltz as a nominee," she said. "And I welcome the Administration's commitment to distribute $75 million of lifesaving assistance." Driving the news: Shaheen voted to report Waltz out of committee with favorable recommendation on Thursday. He was reported out 12-10. Waltz's prospects looked uncertain on Wednesday after Sen. Rand Paul (R-Ky.) informed Sen. Jim Risch, the committee chair, that he would only vote to advance Waltz "without recommendation." Waltz has been working with several Democratic senators to find common ground between his America First approach to the UN and their key priorities, including China and Western hemisphere hotspots like Haiti, according to a source close to Waltz. Zoom in: In the last 24 hours, Shaheen worked out a deal with Risch and the Trump administration to unlock previously authorized spending, including $25 million for Nigeria and $50 million for Haiti in food and medical assistance, according to a Shaheen adviser. In last week's confirmation hearing for Michael Rigas to be deputy secretary of state for management and resources, Democrats raised the issue of food assistance. Zoom out: Some Democrats were also concerned that Trump might nominate someone like Richard Grenell if Waltz's nomination failed, according to a person familiar with the matter.


USA Today
16 minutes ago
- USA Today
President Trump to visit Federal Reserve, ups pressure campaign on Jerome Powell
Trump's visit comes as he has suggested cost overruns from the Fed's headquarters renovation could be grounds to fire Fed Chair Jerome Powell WASHINGTON ― President Donald Trump is set to make a rare presidential visit to the Federal Reserve on July 24, escalating his monthslong pressure campaign against Federal Reserve Chair Jerome Powell that has included regular threats to fire him. Trump's visit, set for 4 p.m. EDT, will mark just the fourth time a president has visited the Federal Reserve headquarters and the first since George W. Bush attended the swearing in of Ben Bernanke. Since returning to the White House in January, Trump has relentlessly criticized Powell for not lowering interest rates, labeling the Fed chairman "too late" for holding interest rates steady. More: Fed Chair Powell's finally fighting back as the White House looks to fire him 'for cause' The half-mile trip from the White House to the Federal Reserve comes as Trump has accused Powell of potential fraud ‒ that the president has said could be grounds for his termination ‒ related to cost overruns during the agency's headquarters renovation of three historic buildings on the National Mall. The original cost of the renovation was estimated to be $1.9 billion in 2019 but swelled to $2.5 billion. The Fed has said the more than 33% increase was due to design changes, costs of materials, equipment and labor and other 'unforeseen conditions' such as more asbestos than anticipated and toxic contamination in soil. Trump is expected to be joined by White House officials including Russ Vought, the director of the Office of Management and Budget, and White House deputy chief of staff James Blair. "What we're really focused on is just getting our eyes on it," Blair told reporters last week. "The plans say one thing, the Fed chair says another about what the current plans are. I want to know what the truth is. We want a copy of the records that are in between those two things." Trump's visit comes as Epstein controversy is intensifying It is unclear whether Trump will meet with Powell during the visit, which comes as Trump is facing intense scrutiny over the Justice Department's decision not to release files connected to the government's case against deceased financier and sex offender Jeffrey Epstein. The White House confirmed that Trump's name is mentioned in the files but denied any wrongdoing from Trump in connection with Epstein. The trip is the latest example of Trump dramatically breaking from the historical norm of presidents respecting the independence of the Federal Reserve, which sets monetary policy and operates as the central bank of the United States. "The Federal Reserve is working with the White House to accommodate their visit,' a Fed spokesperson told Reuters. More: Trump denies plans to fire Fed Chair Jerome Powell despite what he told Republicans Ignoring Trump's calls to lower interest rates, Powell has cited anticipated rising inflation from Trump's massive tariffs on imports as a reason to keep the rates unchanged. Inflation accelerated in June, the Labor Department announced July 15, with prices rising by 2.7% over the past 12 months. It was the highest annual inflation rate since February. Trump told Republican lawmakers in an Oval Office meeting on July 15 that he would likely soon fire Powell after the president polled them on whether he should, a senior White House official told USA TODAY. But the next day, Trump denied that he's close to firing Powell, noting that Powell's term as chairman ends in May of 2026. "No, I'm not talking about that. Fortunately, we get to make a change in the next eight months or so," the president said. Trump nominated Powell as Fed chair in 2017. He was confirmed by the Senate in January 2018 for a four-year term in and again in 2022 after former President Joe Biden renominated him for the post. Even though Powell's term as chairman ends in 2026, his term as a member of the Fed's board runs through the end of 2028 Trump last week seemed to forget it was him, not Biden, who originally appointed Powell. 'He's a terrible Fed chair. I was surprised he was appointed," Trump said. "I was surprised, frankly, that Biden put him in and extended him, but they did." Reach Joey Garrison on X @joeygarrison.