One addition to this great blog—a $660M credit subsidy for 1706 (down from $5B) would theoretically be $33B in loans with the current 50x leverage ratio. BUT, if you're including critical minerals, which are riskier than utilities, that leverage ratio will shrink significantly!
With the high interest rates of today, loans for companies rated Baa or higher would actually have a negative credit subsidy—in other words, the government would still make money without any risk premium. Most investor-owned utility credit ratings hover around Baa to A.
