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Global Warming Cap and Trade Hearings Begin October 27

Senator Boxer announced this week that the Senate EPW Committee will begin hearings on the Kerry-Boxer global warming cap-and-trade bill on Oct. 27. The hearings will kick off with a number of Obama administration officials testifying before the Committee, likely to include Energy Secretary Steven Chu, U.S. EPA Administrator Lisa Jackson, Transportation Secretary Ray LaHood and Federal Energy Regulatory Commission Chairman Jon Wellinghoff.

This week the Senate Energy Committee heard from CBO on the costs associated with the Waxman-Markey House passed climate bill and the news wasn't good for American jobs.

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Included below are a few of the articles from the hearing this week.

The Washington Post reports, "Cap-and-Trade Would Slow Economy, CBO Chief Says." "[H]is message nevertheless contrasted sharply with those of President Obama and congressional Democratic leaders, who have suggested that a cap on carbon emissions would help revive the U.S. economy."

The Hill reports, "CBO: Climate bill will impose 'some cost' to the economy."

Several senators are quoted with their skepticism on the bill:

- "Sens. Mary Landrieu (D-La.), John Barrasso (R-Wyo.), Jim Bunning (R-Ky.) and Sam Brownback (R-Kan.) said climate legislation could hurt their states."

- "'Limitations and caveats and constraints are routinely noted,' said Sen. Lisa Murkowski (R-Alaska), the panel's ranking member. 'I do not mean to criticize these reports, but instead the underlying legislation.'"

- Senator McCain criticized the bill for doing too little for nuclear and bashed the idea of including climate tariffs. "McCain called the tariff protectionism."

- Senator Cantwell (D-WA) "said that the offset program could result in the transfer of $1.4 trillion to other countries."

Additional stories on the CBO testimony:

WSJ ("Congressional Budget Chief Says Climate Bill Would Cost Jobs"),

Hearst ("Economists: Climate bill will cost industry"),

Guardian ("Obama's climate change bill could hurt US economy, Senate told"),

AFP ("US climate bill will have modest economic impact: report"),

MarketWatch ("Climate-change legislation would come at cost, CBO says").

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