As former President Joe Biden wrapped up his term in January 2025, he faced a wave of criticism, most recently fueled by viral claims that he approved $93 billion in energy loans in the final weeks of his presidency. However, fact-checking reveals that the claims spreading online are exaggerated and not fully accurate.
The controversy began after a post on Facebook alleged, “Biden gave away $93 BILLION of our money in his last 76 days in office. He should be prosecuted!” The sentiment was echoed across other platforms, including X and YouTube, where one video was titled, “$93 BILLION in 76 Days! Sen. Kennedy EXPLODES Over Biden’s Last-Minute Energy Loans.”
The claim gained further attention following testimony from U.S. Secretary of Energy Christopher Wright during a Senate Appropriations Committee hearing on May 21, 2025. Wright stated, “In the 76 days since Election Day to Inauguration Day of the new President, the previous administration lent or committed $93 billion—two and a half times the 15-year total.”
However, a detailed review by fact-checking outlet Snopes found no evidence supporting the claim that exactly $93 billion in loans were approved by the Department of Energy’s Loan Programs Office (LPO) between November 5, 2024, and January 20, 2025.
According to usaspending.gov, an official government database, the LPO issued new loans totaling approximately $77 billion during that period. Public press releases from the LPO also announced loan guarantees or conditional commitments worth around $68 billion.
Further context was provided in the LPO’s 2024 Year-in-Review report released on January 17, 2025. It stated that 53 deals totaling approximately $107.57 billion were approved throughout the entire Biden-Harris administration, spanning January 2021 to January 2025.
Of those 53 deals, 27 were finalized on or after November 5, 2024, lending some weight to the idea of an end-of-term rush, but not to the inflated $93 billion figure being cited in public discourse.
Wright, in his May 21 testimony, defended the LPO as a mechanism to boost private investment quickly, saying, “Used judiciously, it’s a way to leverage private capital to make things happen fast… the American taxpayers are going to be paid back.”
While concerns about rapid approvals in a lame-duck period are understandable, claims of Biden giving away $93 billion are misleading. The actual data shows substantial loan activity, but not at the level or with the recklessness some have alleged.