Final passage of the Cap and Tax Bill (“American Clean Energy and Security Act” (H.R. 2454)) passed the House today 219-212 with 8 Republicans voting in favor and 43 Democrats voting against. The bill will now be sent to the Senate for consideration.
Final Roll Call and details of the bill will be posted soon on this thread.
On final passage, only Glenn Nye voted “No” from Virginia Democrats. Tom Perriello voted “Aye”.
The Heritage Foundation testified before Congress on June 22 and offered the following estimates on the cost of the bill:
The higher energy costs kick in as soon as the bill’s provisions take effect in 2012. For a household of four, energy costs go up $436 that year, and they eventually reach $1,241 in 2035 and average $829 annually over that span. Electricity costs go up 90 percent by 2035, gasoline by 58 percent, and natural gas by 55 percent by 2035. The cumulative higher energy costs for a family of four by then will be nearly $20,000.
But direct energy costs are only part of the consumer impact. Nearly everything goes up, since higher energy costs raise production costs. If you look at the total cost of Waxman-Markey, it works out to an average of $2,979 annually from 2012-2035 for a household of four. By 2035 alone, the total cost is over $4,600.
Beyond the cost impact on individuals and households, Waxman-Markey also affects employment, and especially employment in the manufacturing sector. We estimate job losses averaging 1,145,000 at any given time from 2012-2035. And note that those are net job losses, after the much-hyped green jobs are taken into account. Some of the lost jobs will be destroyed entirely, while others will be outsourced to nations like China and India that have repeatedly stated that they’ll never hamper their own economic growth with energy-cost boosting global warming measures like Waxman-Markey.
Be sure to read the entire testimony to read more of the costs.
The Forbes “New Manhattan” Amendment failed 172-256 with no support from Virginia Democrats.
From Rep. Forbes:
“Americans were watching today to see how the House of Representatives would pursue our nation’s energy future. Would we rely on innovation to pursue alternative energy sources and achieve a cleaner environment? Would we embark on a bold mission to make ET – energy technology – to the 21st century what IT was to the 90s? Would we choose a plan that would create lasting economic security and secure our global competitiveness for years to come?
“Unfortunately, this evening the House chose taxation over innovation, without my support. I introduced the New Manhattan Project as a substitute amendment to the cap-and-trade national energy tax because instead of relying on taxation, it relies on the ingenuity, innovation, and imagination of the American people to create the next revolution in energy technology. While the New Manhattan Project was ultimately voted down today because of partisan politics, I look forward to continuing to fight for the project as a stand-alone bill because it is an energy solution overwhelmingly supported by the American people and because, most importantly, it is a solution that is right for our country,” said Forbes.
From Rep. Rob Wittman:
“As an environmental scientist, crafting legislation to protect our environment and transition our economy to clean energy is one of my top priorities. I believe we must focus on aggressively pursuing alternative and renewable energy, but do so in a manner that does not create greater problems than it solves. This is why I could not support today’s Cap and Trade legislation.”
“Virginians, along with the rest of America, are struggling through the most challenging economic environment since the Great Depression. Congress must consider the impact of each bill we pass on the farmers and watermen who are already struggling to make ends meet. And, in areas like energy and the environment, we must make the transition to alternative and renewable energy in the least disruptive method for our economy.”
“At last count, unemployment stood at 10.2% in Lancaster county, 9.4% in Northumberland county, and around 8% in much of the rest of the First District. I also have serious reservations about the threat this legislation poses to our industrial base and the energy intensive shipbuilding industry in Newport News. Put simply, the Cap and Trade bill promised to create far more problems for my constituents than it solved.”
“Simply opposing flawed legislation, however, does not get us any closer to a solution. That’s why Congress must move towards a plan that transitions our country to clean energy in an economically viable manner. I am a cosponsor of the American Energy Act because it does just that. I will continue to work with my colleagues in the House to accomplish a sustainable, comprehensive energy policy.”