WASHINGTON, DC – Sen. James Inhofe (R-Okla.), Ranking Member of the Environment and Public Works Committee, today commented on the Congressional Budget Office (CBO) cost estimate for the Waxman-Markey global warming cap-and-trade bill.
“This bill undermines President Obama’s campaign pledge to cut taxes for middle class taxpayers,” Sen. Inhofe said. “The CBO analysis reveals that cap-and-tax legislation would destroy American jobs, lower wages, and impose a massive tax increase on middle class families over the next 10 years. As we look to jump start the economy, the last thing Washington should do is impose the largest tax increase in history on consumers. As is always the case with cap-and-tax, the more that is exposed, the more likely the American people will reject it.”