On Wednesday, House Republican Whip Roy Blunt issued a statement about what would happen if the Democrats’ “economy-killing” energy bill were to become law.
Blunt’s office said that according to an independent analysis published by CRA International, crucially important sectors of the American economy would be devastated if several core components of the Democrats’ energy bill became law. Some of the worst results would include a loss of five million American jobs, a $1 trillion decrease in U.S. economic output, and $1700 in lost income for every American family.
“Heading into the cold winter months, many of us knew the short-term consequences of the majority’s lights-out energy bill would be severe– record home-heating costs, spiraling prices at the pump, and a volatile natural gas market. But I don’t think many of us knew exactly how devastating this legislation would be…As Democrats return to their districts this Thanksgiving recess — armed with talking points detailing all they plan to do on energy — they better be prepared to explain how an energy bill that takes domestic energy off the table will reduce the price of gas and heating oil. They better be prepared to explain how putting new restrictions on the land we use to produce energy here at home will lead to less energy being imported from foreign countries. And they better be prepared to explain why they chose to write their bill in secret,” read Blunt’s statement.
The “secret” energy bill that the Congressional Majority drafted includes or has in various incarnations included a ban on 100-watt incandescent light bulbs after 2012, billions of dollars in subsidies to develop and distribute biofuels including ethanol, hundreds of millions of dollars in tax credits to those companies developing, manufacturing, and distributing “green” energy products, and what most call a politically-motivated repeal of a $16 billion oil industry tax break.
Critics have said that there is too much politics involved in the development of the latest energy bill as some members of Congress are running for the Presidency and they are attempting to win votes by recommending the inclusion of spending that would finance special interests, such as those states whose farmers and manufacturers grow corn or other agricultural products that are going to be used in the production of ethanol.
The White House has previously stated that it is in favor of a stripped-back renewable energy subsidizing and less-drastic fuel efficiency requirements; however, the Bush Administration will not sign off on a bill that includes tax incentives for renewable energy that are financed at the expense of taking incentives away from the oil, gas, and coal companies.
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