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March 18, 2009
Obama Climate Plan Could Cost $2 Trillion
Obama climate plan could cost $2 trillion
President Obama’s climate plan could cost industry close to $2 trillion, nearly three times the White House’s initial estimate of the so-called “cap-and-trade” legislation, according to Senate staffers who were briefed by the White House.
A top economic aide to Mr. Obama told a group of Senate staffers last month that the president’s climate-change plan would surely raise more than the $646 billion over eight years the White House had estimated publicly, according to multiple a number of staffers who attended the briefing Feb. 26.
“We all looked at each other like, ‘Wow, that’s a big number,’” said a top Republican staffer who attended the meeting along with between 50 and 60 other Democratic and Republican congressional aides.
The plan seeks to reduce pollution by setting a limit on carbon emissions and allowing businesses and groups to buy allowances, although exact details have not been released.
At the meeting, Jason Furman, a top Obama staffer, estimated that the president’s cap-and-trade program could cost up to three times as much as the administration’s early estimate of $646 billion over eight years. A study of an earlier cap-and-trade bill co-sponsored by Mr. Obama when he was a senator estimated the cost could top $366 billion a year by 2015.
A White House official did not confirm the large estimate, saying only that Obama aides previously had noted that the $646 billion estimate was “conservative.”
Mr. Obama and congressional Democratic leaders have made passing a climate-change bill a top priority. But Republican leaders and moderate to conservative Democrats have cautioned against levying increased fees on businesses while the economy is still faltering.
House Republican leaders blasted the costs in the new estimate.
"The last thing we need is a massive tax increase in a recession, but reportedly that's what the White House is offering: up to $1.9 trillion in tax hikes on every single American who drives a car, turns on a light switch or buys a product made in the United States," said Michael Steel, a spokesman for House Minority Leader John A. Boehner. "And since this energy tax won't affect manufacturers in Mexico, India and China, it will do nothing but drive American jobs overseas."
VENEZUELA: Chavez calls for global offensive for socialism
"The environment is suffering damage that could be irreversible — global warming, the greenhouse effect, the melting of the polar ice caps, the rising sea level, hurricanes — with terrible social occurrences that will shake life on this planet."
"I believe this idea has a strong connection with reality. I don't think we have much time. Fidel Castro said in one of his speeches I read not so long ago, 'tomorrow could be too late, let's do now what we need to do'."
"I believe it is time that we take up with courage and clarity a political, social, collective and ideological offensive across the world — a real offensive that permits us to move progressively, over the next years, the next decades, leaving behind the perverse, destructive, destroyer, capitalist model and go forward in constructing the socialist model to avoid barbarism and beyond that the annihilation of life on this planet."
--Hugo Chavez, at the 16th World Festival of Youth and Students, held in Caracas on August 8-15, 2005
Wild Thing's comment.....
Al Queda is not the enemy as much as the freak in our Oval Office.
A trillion here, two trillion there, If you are not careful it could end up costing big money.
Posted by Wild Thing at March 18, 2009 06:40 AM
Comments
This cap and trade crap is going to go through. Those of us who don't believe in man caused global warming/climate change are in the minority. Even a lot of RINOs are going with this. Bush and McCain both backed global warming. It is going to cost America dearly while the Third World that causes so much pollution gets a pass.
Posted by: TomR at March 19, 2009 11:53 AM
