Obama climate plan could cost $2 trillion

[hindes204]

http://www.washingtontimes.com/news/...st-2-trillion/


Obama climate plan could cost $2 trillion
Tom LoBianco (Contact)
Wednesday, March 18, 2009



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."

"Any revenues in excess of the estimate would be rebated to vulnerable consumers, communities and businesses," the official said.

The Obama administration has proposed using the majority of the money generated from a cap-and-trade plan to pay for its middle-class tax cuts, while using about $120 billion to invest in renewable-energy projects.

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."






Everything that i have read on this says that the average utility bill will go up about $1800 a year......just what the country needs, an extra $150 in bills every month. With my wife out of work right now, i am barely surviving paycheck to paycheck

[revefsreleets]

At least this is one of his own ideas and not a re-hash of Bush's. That's a change.

Obama needs to stick to the economy. Period. We can worry about dealing with garbage legislation like this after we save the country from going bankrupt.

[fansince'76]

Raise my utility bills to pay for my "tax cut," all the while giving domestic businesses with the wherewithal to do so even more incentive to move lock, stock and barrel overseas and take jobs that actually pay a living wage with them! Brilliant! Hope! Change!

[revefsreleets]

Originally Posted by fansince'76

Raise my utility bills to pay for my "tax cut," all the while giving domestic businesses with the wherewithal to do so even more incentive to move lock, stock and barrel overseas and take jobs that actually pay a living wage with them! Brilliant! Hope! Change!

Hmmm..wait a second now.

We got a $13 a week break. That's $672 a year. We'll say, for arguments sake, that the majority of households have two breadwinners. So that's $1344 a year in a middle class tax break. BUT the average utility bill will go UP $1800 a year.

So, in other words, with Obama's "Middle class tax cut", the average family actually LOSES $456 a year.

That's definitely change all right! But not the kind I can believe in.

We are SOOOO screwed

[Dino 6 Rings]

Ok folks, just an FYI

Allow a company to "purchase" Carbon Credits in case they go over their allowed emissions does NOTHING to help the Environment. All that does is basically allow companies to Pay to pollute instead of installing and upgrading to the new hardware that would be required to meet the new emission standards.

So basically, it'll be Cheaper for these companies to buy Carbon Credits and continue their pollution instead of fixing the problem.

Biggest Scam Ever.

[steelreserve]

Yeah, since it's the worst economic situation in about 50 years, this does not really strike me as the best time to be spending extra money on "going green."

Although in all fairness, this just sounds like rules of the Kyoto Protocol, and McCain said he was in favor of joining that too.

[HometownGal]

Originally Posted by revefsreleets

Obama needs to stick to the economy. Period. We can worry about dealing with garbage legislation like this after we save the country from going bankrupt.

BINGO. The country is going to hell in a handbasket under his watch and The Savior is worrying about the freakin' climate?

Like you, revs, I can proudly say that I didn't vote for this weenie.

[Muppet13]

:ba nging:

[MACH1]

Stupid is as stupid does.

[Dino 6 Rings]

What's hilarious, and I mean this is really funny...is that the US is basically one of only 3 or 4 big nations that cares about the environment to begin with. Seriously, we have such high standards already, have so many organizations and groups dedicated to stopping pollution already, that its a JOKE to think we need to do more by basically Taxing companies for their pollution.

China, Mexico, India, Indonesia, all of Africa, Russia, Eastern Europe and a few nations in Western Europe, basically,don't meet 1/10th of the regulations we already impose on ourselves.

Fcking Laugh Fest.