The Congressional Budget Office (CBO) forecasts that current climate change legislation in the Senate will increase spending by $833 billion.
According to the budget office, not only would Cap-and-Trade legislation effectively tax and regulate all carbon emissions in the country, but it would also add $854 billion to federal coffers.
The cost estimate concluded, “CBO estimates that the annual cost of [cap-and-trade] would amount to tens of billions of dollars for private-sector entities and hundreds of millions of dollars for public entities… Public and private entities would also be required to report information on greenhouse gases to a federal registry.”
In short, the bill is an unmitigated disaster and must be defeated.
Click here for the CBO study. More of CFIF on climate change here and here.