Sensenbrenner Calls Senate Climate Bill “Catastrophic For Wisconsin”
Menomonee Falls Congressman Jim Sensenbrenner issued the following statement today relative to S. 2191, America’s Climate Security Act of 2007, sponsored by Senators Joseph Lieberman (I-CT) and John Warner (R-VA):
“S. 2191 proposes a nationwide cap-and-trade program for the emissions of greenhouse gases, like carbon dioxide, an important component of the manufacturing industry. By setting a limit and capping carbon dioxide emissions by businesses, the Lieberman/Warner bill would thrust a highly regulatory regime on our nation’s economy, making electricity more expensive for businesses and consumers. In Wisconsin, which relies heavily on the use of coal for electricity, this bill would have a catastrophic effect as we would be especially hard hit.
“This point is underscored in a study commissioned by the National Association of Manufacturers to assess the potential impacts of S. 2191 on Wisconsin’s economy…and the results are scary.
“According to the study, electricity rates in Wisconsin could increase by as much as 163% in 2030 - nearly tripling today’s costs - and gas prices could increase by as much as 176% in 2030, again, almost tripling today’s cost of natural gas.
“Even the Director of the Congressional Budget Office, who testified on the cap-and-trade issue at a Senate Finance Committee hearing earlier today, said, ‘Under a cap-and-trade program, firms would not ultimately bear most of the costs of the allowances but instead would pass them along to their customers in the form of higher prices.’
“I have always said the question isn’t if cap-and-trade would raise gas and electricity prices, but how much would prices go up. The NAM study provides us with that glimpse of a dark and dreary future, which is a far cry from the rosy scenario drawn up by proponents of the cap-and-trade system - who seem incapable of doing the math when it comes to such proposals.
“These numbers should concern everybody, and are precisely why I have always been opposed to a cap-and-trade regulatory system. This is a scheme that will cost us jobs and damage our economy. The American people deserve a technological approach to global warming that improves the environment while protecting the economy. Wisconsinites don’t need, and sure as heck don’t deserve, a tax hike that masquerades as a solution.”