Pete Domenici: “I plan to offer this as a complete substitute for this bill. There is no one who could doubt that it would do more to…”

“I plan to offer this as a complete substitute for this bill. There is no one who could doubt that it would do more to reduce our dependence on foreign oil than this bill. The fifth states that the act will ``impose no net cost on the Federal Government.'' This stated purpose omits the massive cost that consumers and businesses will incur. The number has been placed at $6.7 trillion, which represents an unprecedented transfer of wealth to be carried out at the discretion of the Federal Government. This is the most expensive authorization bill in my 36 years in the Senate. Why then does the bill include an entire title for international offsets and allowances? Further, uncertainties of numerous kinds remain that I am unsure this act is capable of being administered, but I am not sure exactly how that can be done.”