June 26, 2009 3:07 pm ET
On June 26, 2009, Rep. Tom Cole stated that the cost of the American Clean Energy and Security Act would be "more than $3,000 a year." However, the Congressional Budget Office "estimates that the net annual economy wide cost of the cap-and-trade program in 2020 would be $22 billion-or about $175 per household."
Rep. Cole: "This bad bill is nothing more, or less, than a national energy tax. The legislation will force American families to pay, on average, more than $3,000 a year in additional energy costs." [Cole Floor Remarks, 6/26/09]
FactCheck.org: "The $3,100 Figure Is A Misrepresentation Of Both Obama's Proposal And The Study From Which The Number Is Derived." According to FactCheck.org: "Leading Republicans are claiming that President Obama's proposal to curb greenhouse gas emissions would cost households as much as $3,100 per year. The Republican National Committee calls it a 'massive national energy tax.' But the $3,100 figure is a misrepresentation of both Obama's proposal and the study from which the number is derived... If the government did use revenue from cap and trade 'to pay an equal lump-sum rebate to every household,' the CBO expert said, 'lower-income households could be better off.'" [FactCheck.org, 5/28/09; emphasis added]
In 2020, Cap-And-Trade Will Only Cost An Average Of $175 Annually - "About A Postage Stamp A Day." In its analysis of the American Clean Energy and Security Act, the Congressional Budget Office wrote: "On that basis, the Congressional Budget Office (CBO) estimates that the net annual economy wide cost of the cap-and-trade program in 2020 would be $22 billion-or about $175 per household." Rep. Edward Markey noted it was "the cost of about a postage stamp a day." [CBO, 6/19/09; House Committee on Energy & Commerce Release, 6/20/09]
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