Washington, D.C., - U.S. Rep. Jim Sensenbrenner, R-Wis., ranking Republican on the House Select Committee on Energy Independence and Global Warming, issued the following statement on the upcoming markup of the American Clean Energy and Security Act of 2009 (ACES) in the House Energy and Commerce Committee:
“Chairman Henry Waxman and other Democrats on the House Energy and Commerce Committee should study the example of Australia before they vote on the American Clean Energy and Security Act, which implements a cap-and-tax carbon trading scheme onto our already beleaguered economy that will raise energy prices, cost jobs and prolong the recession.
“Last week, Australian Prime Minister Kevin Rudd delayed the implementation of that nation’s version of cap-and-tax. With his nation mired in recession, Mr. Rudd doesn’t believe now is the time to heap expensive, industry-killing taxes on the economy. By delaying the implementation date until after his country’s election, it also means Mr. Rudd’s government won’t hear the voters’ opinion of this scheme.
“With $11.5 billion Australian dollars ($8.5 billion in U.S. dollars) in new taxes, Mr. Rudd had every reason to be nervous about pushing this scheme onto his constituents. An Australian Senate report on this cap-and-tax scheme described it as ’economic cost without environmental benefit.’
“The same could be said of the American Clean Energy and Security Act that Chairman Waxman and others are proposing. However, instead of only $8.5 billion in ‘carbon permit costs,’ President Obama’s budget plan is calling for $646 billion in new climate taxes. A study by the Heritage Foundation also shows this bill will cause electricity rates to rise by 90 percent, gasoline by 74 percent, destroy as many as 1.9 million jobs and raise the average family’s electricity bill by $1,500 a year. That’s why I call this bill the American Comprehensive Economic Suicide Act.
“House Democrats should consider the economic consequences and kill this flawed bill.”