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Washington, DC - Earlier this morning, Sen. Barbara Boxer (D-Calif.) announced that the Environment and Public Works Committee has voted out the costly cap-and-trade program over the protests of Republican members who were requesting a more thorough analysis of the legislation by the Environmental Protection Agency (EPA) before putting the proposal to a vote.
“Trying to ramrod through such a massive restructuring of the energy sector without allowing analysis to understand the consequences flies in the face of transparency and accountability,” said Matt Kibbe, president of FreedomWorks. The legislation calls for caps on emissions that will lead to energy rationing and the loss of millions of jobs. Consumers will see higher prices in energy and the goods and services they purchase that rely on energy.
“Proponents assert that the costs will be minimal, but these statements rely on highly questionable assumptions about expanding nuclear energy and carbon capture and sequestration,” said Kibbe. “Conducting analysis with more realistic assumptions is the prudent thing to do. I would hope that Congress and taxpayers have the opportunity to understand the consequences of the legislation before any votes are taken.”
The government’s own estimates suggest that, through the year 2030, up to $6.4 trillion will be collected from consumers and business to be redistributed by the government as part of the complex cap and trade program proposed to reduce greenhouse gas emissions. Absent action by other nations, including developing nations Brazil, India, and China, there will little environment benefit to the massive new program.“There are legitimate concerns about the implications of this program, and they should be examined thoroughly,” said Kibbe.