Trent Lott: “I support Senate Resolution 98, the sense-of-the-Senate resolution on the Global Climate Change Treaty submitted by…”

“I support Senate Resolution 98, the sense-of-the-Senate resolution on the Global Climate Change Treaty submitted by Senators Byrd and Hagel and supported by nearly two-thirds of the Senate. Like many of my colleagues on both sides of the aisle, I have many serious concerns about the economic impact that this treaty would have on our Nation. By adopting this amendment, the Senate will be exercising its constitutional role of advising the executive branch as part of a treaty process. The President should take this resolution as a serious and constructive step in the treaty process. Before we take another step toward ratification, I believe that the Senate must insure that the economic impact and inequity of this international agreement be fully aired for the American people. As written, this legally binding treaty would require the United States and other developed countries to reduce their carbon dioxide and greenhouse gas emissions to 1990 levels by the year 2010. In order to meet these targets, the United States would either have to issue new regulations or levy huge taxes on all fossil fuels in proportion to their carbon contents. Economists have suggested that stabilizing emissions at 1990 levels with a tax could cut America's gross domestic product by $350 billion. Further regulations would likely take even billions more from our economy. And what would the developing nations contribute?…”