Political Quotes

“Madam President, I apologize to the Chair. I had a misunderstanding as to where we were, and I only wanted to try to get the point across, which I think I failed to do, regarding the cost of these regulations. I think I used as an example the five--I mentioned, actually, six when you consider hydraulic fracturing also as one of the regulations. By far, the one that is the most expensive is the regulation that would be for the greenhouse gases. I think we have pretty much established the cost to do a cap-and-trade bill and the range being from $300 billion to $400 billion. The quotes I used, which I won't repeat now, were from Administrator Jackson and Senator Kerry and others stating that doing it through regulation would be far more expensive. So I think we need to be looking at it in terms of about $400 billion a year. This would be a tax on the American people. This would be the cost to our GDP. I remember back in 1993 when we had the Clinton-Gore tax increase. It was the largest one in four decades at that time. It was an increase in the death tax, an increase in marginal rates, an increase in capital gains--an increase in almost all taxes--and it was a $30 billion tax increase. What we are talking about here is a tax increase that is 10 times that great--10 times. We are using the figure now of $400 billion because we know that through regulation, it will cost more.…”