WKYT | Lexington, Kentucky | News

Bachmann: Perry used jobs fund to reward backers

AUSTIN, Texas (AP) - Republican presidential candidate Michele Bachmann is raising questions about a job-creation fund Texas Gov. Rick Perry says has boosted employment and attracted billions in investment capital to his state.
Bachmann says the Texas Enterprise Fund gave $35 million to a company that was supposed to hire scores of new employees but actually cut its workforce.
The company, Lexicon Pharmaceuticals Inc., says it has renegotiated its contract with Texas and now has until at least 2016 to meet its job-creation goals.
Perry defends the fund as an example of how the government can and should spur the economy. But Bachmann has called the Lexicon deal Perry's Solyndra, referring to the now-defunct California energy company that received a $528 million loan from the federal stimulus program.

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