On the recordJune 3, 2008
As a result of that meeting, I say to Senator Gregg, we took another look at the bill. Half of the bill is going back to consumers. Actually, a third of that--there are three pies: $800 billion goes into a tax cut. Senator Inhofe said it is not specific. We did it as far as we could. We know it is a fund for tax cuts. There is $900 billion for a deficit reduction trust fund, and $900 billion goes into a fund so that utilities can help our consumers. I thank him for that contribution. When my friend came before the committee, I was so hopeful he would join with us because Senator Gregg made a beautiful statement. He said: States alone can't solve the problem. I believe Congress must take action to limit the emissions of greenhouse gases from a variety of sources. He talked about mandatory limits on greenhouse gases. I honestly thought this bill we worked on would be something my friend could support. I will say, to talk about a consumption tax, you can make up anything and call it what you will. There is no consumption tax in this bill. This bill is modeled on the acid rain bill. The acid rain bill works the same way--cap and trade. No one ever called that a consumption tax.
Source
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