Biden's $93 Billion Controversy Flying Under the Radar

At a heated Senate Appropriations Committee hearing, Sen. John Kennedy (R-La.) was stunned when Energy Secretary Christopher Wright revealed a shocking fact: in the last 76 days of the Biden administration, the Department of Energy distributed $93 billion in loans and commitments, surpassing twice the total loans issued over the prior 15 years.

Sen. John Kennedy (R-La.) pressed Energy Secretary Christopher Wright with his trademark sharpness. “This 76-day period you’re talking about—that’s between Trump’s election and Biden’s exit, correct?”

“Exactly,” Wright affirmed.

Kennedy zeroed in, questioning how any agency could responsibly oversee such enormous spending in so little time. “How do you vet one loan, let alone $93 billion?” he demanded.

Wright’s response was stunning.

“In many cases, it’s evident due diligence wasn’t done,” he admitted. “We saw commitments to companies with no business plans, no financial statements, and no details on how their projects would function.”

Kennedy, visibly shocked, sought confirmation: “You’re saying the Department of Energy, in the 76 days before their boss left office, handed out loans to businesses without a business plan?”

“Correct,” Wright answered plainly.

“No financials at all?” Kennedy pressed.

“Correct,” Wright confirmed. “I’m deeply troubled by how this institution—one of America’s finest—has managed taxpayer dollars.”

Wright added that his department is now undertaking a comprehensive review of those loans and grants.