Thursday, the Senate Energy and Natural Resources Committee will hold a hearing on the cost of a cap and trade program. The U.S. Treasury Department estimates the cost of such a program could top $200 billion annually.
"It's becoming apparent that the administration knew all along how much their cap and trade program would cost, yet they continue to claim it will cost no more than a postage stamp," said Senator Lisa Murkowski, R-Alaska. "Some estimates place the annual cost of that postage stamp at $1,761."
Murkowski says some have dismissed the costs of climate legislation as minimal, or surmountable, but lawmakers must remember that they will be affected far less than many others. Those who will really feel its effects are trying to find jobs right now. Murkowski says Congress shouldn't pass legislation that makes it harder for Americans to get back on their feet.
Murkowski is the ranking Republican on the Senate Energy and Natural Resources Committee and a previous co-sponsor of climate legislation that contained strong economic protections. She has urged her Senate colleagues to take a cautious approach toward cap and trade because of the difficulties associated with predicting the impacts such a program would have on the U.S. economy.