WASHINGTON, DC – Sen. James Inhofe (R-Okla.), Ranking Member of the Environment & Public Works Committee, today commented on the Congressional Budget Office (CBO) cost estimate for the America's Climate Security Act – S. 2191 (Lieberman-Warner) global warming cap-and-trade bill.
"Today’s CBO analysis reveals that the Lieberman-Warner bill will impose a $1.2 trillion tax increase over the next 10 years," Senator Inhofe said. "As the economy continues to face uncertain times and as energy prices soar, this new analysis shows once again why this bill is wrong for America. CBO also says the bill would increase entitlement spending by $1.3 trillion over the next 10 years.
"Senator Boxer just does not get it. Recognizing the tremendous burden this bill would have on the economy, she is attempting to use fuzzy math to cover up the enormous tax increase American families will face. Knowing the bill as reported out of the EPW Committee would add significantly to the deficit, the sponsors of the bill slipped a secret amendment to CBO in order to claim the bill would have no impact on the federal budget. They hope the American public will focus on this budget gimmick instead of the enormous tax increase that this bill would impose. Adding insult to injury, hundreds of billions of the new entitlement spending will be controlled by an unaccountable seven person board."