Let's be clear as we begin this discussion. I, along with a vast majority of my colleagues, support cutting carbon emissions. We want to cut down on any kind of air pollution we have. We have done a great job over the years in improving our air, and we need to do more. But we must cut carbon without raising prices on gasoline, diesel, electricity, all the things that drive our economy. When American families are suffering record pain at the pump, a home mortgage crisis, and a soft economy, this is not the time to put the Government in a position of raising energy prices far higher than anything we have ever seen. How much would Lieberman-Warner raise energy prices? We can quote from the sponsors of the legislation themselves. This is what the junior Senator from California has said Lieberman-Warner would raise: $6.735 trillion. It takes two charts to put up all the zeroes that this would increase energy prices and, thus, tax American consumers. The bill's sponsors claim they are trying to hit energy companies with the cost of this program. Does anybody doubt what will happen when we increase taxes on producers? That has to be passed on. It will be passed on to families, workers, farmers, truckers in the form of higher energy bills and more pain at the pump.
Editor's note · Context
Discussing the potential economic impact of the Lieberman-Warner climate change legislation.
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