So much for budget transparency. It now looks like the White House lowballed revenue estimates (actually costs to business and consumers) from his cap-and-trade carbon plan. Instead of $646 billion over eight years, it may cost $2 trillion. According to the Washington Times:
President Obama's climate plan could cost industry close to $2 trillion, nearly three times the White House's initial estimate of the so-called "cap-and-trade" legislation, according to Senate staffers who were briefed by the White House. ... At the meeting, Jason Furman, a top Obama staffer, estimated that the president's cap-and-trade program could cost up to three times as much as the administration's early estimate of $646 billion over eight years. A study of an earlier cap-and-trade bill co-sponsored by Mr. Obama when he was a senator estimated the cost could top $366 billion a year by 2015.
And where might all those extra revenues go? I dunno, maybe pay for Obama's healthcare reform plan, whichit turns out , may also cost 3x White House projections. That would be $1.5 trillion instead of $600 billion.
dana wenzel of TX @ Mar 24, 2009 18:15:03 PM
James F of MN @ Mar 23, 2009 20:31:53 PM
Steve of IN @ Mar 19, 2009 04:10:41 AM