House to vote on H.R. 2454 (UPDATE: Bill has passed 219-212)

This bill would lead to increased expenses for American households of thousands of dollars per year. A recent Congressional Budget Office report estimated that the cost per household would be as little as $175 per year. However, the Heritage Foundation has responded with “CBO Grossly Underestimates Costs of Cap and Trade,” in which they point out that the CBO study assumes nearly 100% of the increased costs for businesses will be rebated to consumers by the federal government (when has this ever happened?) and omits consideration of negative impacts on the economy of thousands of dollars per household per year. Bottom line, don’t rely on the CBO report to be an accurate forecast of the additional costs you’ll be paying each year due to this cap and trade bill. For additional analysis of the Waxman-Markey cap and trade bill, see "The Waxman-Markey Global Warming Bill: Is the Economic Pain Justified by the Environmental Gain?"