Obama announces $8 billion in loan guarantees for nuclear plant

WASHINGTON — President Barack Obama on Tuesday announced the White House is providing roughly $8 billion in loan guarantees to help build the first nuclear power plant in the U.S. in nearly three decades.

“It’s a plant that will create thousands of
construction jobs in the next few years, and some 800 permanent jobs in
the years to come,” Obama said from the Washington suburb of Lanham, Md.
“My budget proposes tripling the loan guarantees we provide to help
finance safe, clean nuclear facilities — and we’ll continue to provide
financing for clean energy projects here in Maryland and across America.”

Obama argued that new nuclear power plants could
reduce carbon pollution while helping meet U.S. energy needs, adding
that the U.S. needs to build a new generation of clean nuclear power
plants.

“This one plant, for example, will cut carbon
pollution by 16 million tons each year when compared to a similar coal
plant,” Obama said. “That’s like taking 3.5 million cars off the road.”

However, Obama acknowledged that a new emphasis on nuclear power — which he spoke about Jan. 27
at his first State of the Union address — would need to be complemented
by new investments in biofuels, clean coal technologies, wind and solar.

He also said he recognized that the U.S. needs to
find new ways to safely store and dispose of nuclear waste, adding that
nuclear power has “drawbacks.”

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