Lieberman-Warner Climate Security Act

The Senate began what is expected to be a weeklong, contentious debate Monday over legislation to combat global warming by mandatory reductions in carbon dioxide and other greenhouse gases. Republican leader Mitch McConnell of Kentucky called it "a giant tax on virtually every aspect of the economy," and accused Democrats of being "laughably out of touch" in taking up the bill when the country is reeling from $4 a gallon gasoline and other high energy costs. President Bush said at a White House event that the measure amounted to "a huge spending bill fueled by tax increases" and that it "would impose roughly $6 trillion in new costs on the American economy." White House spokeswoman Dana Perino said Bush would veto the bill as it stands, but said it seems unlikely the legislation will clear the Senate anyway.

Read what Senator Jim Inhofe of Oklahoma has to say about this proposed bill: http://online.wsj.com/article/SB121244985951839615.html?mod=opinion_main_commentaries

Here is an excerpt from the Inhofe piece:
With average gas prices across the country approaching $4 a gallon, it may be hard to believe, but the U.S. Senate is considering legislation this week that will further drive up the cost at the pump.
The Senate is debating a global warming bill that will create the largest expansion of the federal government since FDR’s New Deal, complete with a brand new, unelected bureaucracy. The Lieberman-Warner bill (America’s Climate Security Act) represents the largest tax increase in U.S. history and the biggest pork bill ever contemplated with trillions of dollars in giveaways. Well-heeled lobbyists are already plotting how to divide up the federal largesse. The handouts offered by the sponsors of this bill come straight from the pockets of families and workers in the form of lost jobs, higher gas, power and heating bills, and more expensive consumer goods.
Various analyses show that Lieberman-Warner would result in higher prices at the gas pump, between 41 cents and $1 per gallon by 2030. The Congressional Budget Office (CBO) says Lieberman-Warner would effectively raise taxes on Americans by more than $1 trillion over the next 10 years. The federal Energy Information Administration says the bill would result in a 9.5% drop in manufacturing output and higher energy costs.
Carbon caps will have an especially harmful impact on low-income Americans and those with fixed incomes. A recent CBO report found: “Most of the cost of meeting a cap on CO2 emissions would be borne by consumers, who would face persistently higher prices for products such as electricity and gasoline. Those price increases would be regressive in that poorer households would bear a larger burden relative to their income than wealthier households.”
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