Jim Inhofe: “It is my understanding that I have as much as 5 minutes. Mr. President, I appreciate very much what has been described.…”

“It is my understanding that I have as much as 5 minutes. Mr. President, I appreciate very much what has been described. Perhaps people can look at this in terms of the overregulation we are doing in this country, the fact that there is a direct relationship between the amount of revenue that comes into the government and the amount of regulations. I have always used this--in fact, it is still permissible to use it. According to OMB, for each 1 percent addition to the GDP, it creates an additional $50 billion of revenue. There are other ways of doing it other than tax increases. To turn it around, look at what this administration has done. They have regulations such as the greenhouse gas regulation, which would be between a $300 billion and $400 bill loss each year. The ozone--which they postponed, but nevertheless they proposed it--would be $676 billion in lost GDP. You can do your math on that. For each 1 percent-- and 1 percent is $140 billion--for each 1 percent, it would be about a $50 billion loss in revenue. Boiler MACT is a $1 billion loss in GDP. Utility MACT, which is what they have been talking about, across State lines, is $140 billion in compliance costs. Cement MACT--all of these are huge losers in terms of revenue that can be generated. So I would only like to say--and I wish I had time to get into more detail on this--that shortly we will be voting on McCain amendment No. 928.…”