House passes anti-Solyndra bill

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WASHINGTON, Aug. 2 (UPI) -- Legislation that would phase out U.S. federal loans for solar energy programs is in line with steps needed to address fiscal challenges, a lawmaker said.

The House Energy and Commerce Committee advanced legislation that would terminate a federal loan program for solar energy development in the United States.

U.S. Rep. Fred Upton, R-Mich., chairman of the committee, described the measure as a budget-saving initiative.

"This bill recognizes both our current fiscal challenges and our understanding that the federal government is ill-suited to be gambling the taxpayers' dollars with this sort of company-specific investment," he said in a statement.

House leaders have taken issue with a $535 million federal loan guarantee offered to solar panel company Solyndra, which filed for bankruptcy protection in 2010.

U.S. President Barack Obama touted Solyndra as a centerpiece of his green economic agenda, though the initial loan was vetted by the administration of George W. Bush.