Rand Paul proposes innovative amendment to fund benefits of veterans – Washington Examiner | CPT PPP Coverage

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Last week, Paul offered an amendment that would transfer government waste into a fiscally responsible way of funding the benefits of veterans. According to a press release, this involved eliminating loan guarantees that were set aside for green energy loans through the Department of Energy for $2.9 billion.

“Washington’s fiscal recklessness is putting the American dream out of reach for millions of Americans,” Paul said on the Senate floor last week. “Historically high rates of inflation have made every American poorer. As families across this country struggle to put food on the table, Washington seems content to continue spending without regard to the consequences.”

“But sometimes the consequences are too shameful to ignore,” Paul said. “Congressional spending and financial mismanagement at the Department of Veterans Affairs are the latest examples, with both resulting in a $2.9 billion shortfall threatening the benefits of millions of veterans.”

“Our veterans should not pay the cost for the federal government’s incompetence,” he said. “My amendment is simple. It pays for our veterans’ care by rescinding $2.9 billion in Department of Energy loan guarantees.”

The senator also explained that his amendment helps veterans while not adding to the national debt. He detailed the faults with the Department of Energy’s programs and how much money these failures cost, highlighting the hundreds of billions of dollars in taxpayer money wasted.

“A 2015 Government Accountability Office report reveals the extent of the Department of Energy’s loan program failures,” Paul said. “That report lists five companies that defaulted on similar Department of Energy loans, including Solyndra, Fisker, Abound Solar, Beacon Power, and Vehicle Production Group, costing taxpayers a total of $807 million.”

“Unfortunately, the VA’s shortfall was just as foreseeable as the failures of Department of Energy loans,” Paul said. 

Paul also highlighted financial problems plaguing the VA, describing years of allegedly improper payments delivered to the incorrect recipients. Furthermore, the VA awarded over $10 million in incentives to “executives in the VA’s central office.” Paul brought awareness to the problematic recurring fiscal mismanagement within the VA, which he said, in turn, has hampered veterans.

“In fiscal year 2023, the VA issued $3 billion in improper payments — meaning the VA sent payments to the wrong people or in the wrong amount,” Paul said. “Over the past three years, it is estimated that such improper payments exceed $10 billion. In May 2024, the VA’s inspector general reported the department improperly awarded over $10 million in incentives to senior executives in the VA’s central office.”  

“These are resources that could have been devoted to veterans’ benefits. Instead, the VA shamefully squandered them,” Paul said. 

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Ultimately, Paul’s amendment would provide a multitude of benefits, including helping veterans, not increasing the budget through government spending while funding benefits for veterans, and cleaning up some of the problems plaguing the VA.

“We must use these failures as a warning,” he said. “We must get serious about our spending and oversight responsibilities. I encourage my colleagues to vote for my amendment as a first step to ensure our veterans receive the care they deserve.”