President Barack Obama is distancing himself from the Solyndra bankruptcy, telling a crowd of supporters Congress is to blame for the $535 million scandal. Politico reports:
"This was not our program, per se. Congress—Democrats and Republicans—put together a loan guarantee program because they understood historically that when you get new industries, it's easy to raise money for startups, but if you want to take them to scale, oftentimes there's a lot of risk involved, and what the loan guarantee program was designed to do was to help start up companies get to scale," [Obama] said.
While Congress was responsible for writing the trillion-dollar stimulus bill, the administration was responsible for restructuring Solyndra’s loan to benefit the company.