HELP STOP A TAXPAYER BAILOUT OF THE NUCLEAR POWER INDUSTRY!

You know something is wrong when Sarah Palin compliments an Obama administration program. But that's exactly what has happened with President Obama's new nuclear power policy, which calls for tripling the taxpayer bailout of the nuclear power industry.

Back in 2007, the Bush administration wanted a $50 billion taxpayer loan guarantee program for construction of new nuclear reactors. Congress gave Bush only $18.5 billion--none of which yet has been spent. Nuclear supporters in Congress tried twice to add another $50 billion to the program during 2009. Both times they were defeated by an active and organized grassroots movement--with tacit support from the White House.

Jump below to send your letter or read on for a little more information.

Now, President Obama has made a remarkable u-turn, asking Congress to add another $36 Billion to the program, for a total of $54 Billion (plus another $2 Billion for a uranium enrichment plant).

These aren't just loan guarantees--they're not like your dad co-signing your first car loan. The money for the reactors--which will cost upwards of $10-15 Billion each--will most likely also come from the taxpayers through a little-known entity called the Federal Financing Bank.The utilities know this, even if most of the public--and even most of the Congress--doesn't.

UniStar Nuclear, for example, which wants to build a new reactor at Calvert Cliffs, Maryland, says it explicitly in its license application to the Nuclear Regulatory Commission: "It is expected that, with respect to the portion of the debt guaranteeed by the Department of Energy under the loan guarantee program, the source of financing will be the Federal Financing Bank..."

It's a great deal if you're a nuclear power corporation. The taxpayers give them the money to build a reactor, and they promise themselves (or, more properly, we promise ourselves...) to pay it back if the nuclear company doesn't. Taxpayers take all the risk (and the Congressional Budget Office's official estimate is that 50% of new reactor projects will fail), and if it works, the utilities get all the profits. If it doesn't work, they don't lose a thing.

But we've stopped this twice before, we can do it again! As a first step, please send a letter to your Congressional Representative. As always, please edit the letter if you'd like to reflect your own concerns and emphases. As a second step, ask your friends to take action too. Send them to this page: http://org2.democracyinaction.org/o/5502/p/dia/action/public/?action_KEY=1821