Dems Say Not So Fast on Cap-and-Trade

A group of Senators, including 8 Democrats, are trying to slow down President Obama's rush to institute his cap-and-trade globaloney nonsense:

WASHINGTON -- Eight Senate Democrats are opposing speedy action on President Barack Obama's bill to combat global warming, complicating prospects for the legislation and creating problems for their party's leaders.

The eight Democrats disapprove of using the annual budget debate to pass Obama's "cap and trade" bill to fight greenhouse gas emissions, a measure that divides lawmakers, environmentalists and businesses. The lawmakers' opposition makes it more difficult for Democratic leaders to move the bill without a threat of a Republican filibuster.

The budget debate is the only way to circumvent Senate rules that allow a unified GOP to stop a bill through filibusters.

"Enactment of a cap-and-trade regime is likely to influence nearly every feature of the U.S. economy," wrote the Democratic senators, mostly moderates. They were joined by 25 Republicans. "Legislation so far-reaching should be fully vetted and given appropriate time for debate."

It takes 60 votes to overcome a filibuster in the Senate, but Democrats and allied independents currently control 58 seats.

Under a cap and trade system, the government would auction off permits to emit greenhouse gases such as carbon dioxide. The auctions would raise almost $650 billion over the next decade, with the cost passed on to consumers as higher energy prices.

The cap and trade proposal is highly controversial, especially in heavily industrialized states and regions where people get their electricity from coal-fired power plants. Obama's promise to use most of the revenue to award $400 tax credits to most workers hasn't quelled the controversy since the increases in utility bills could easily exceed the amount of the tax cut.

The Democrats who signed the letter, addressed to the chairman and top Republican on the Senate Budget Committee, were: Robert Byrd, W.Va.; Blanche Lincoln, Ark.; Mary Landrieu, La.; Carl Levin, Mich.; Evan Bayh, Ind.; Ben Nelson, Neb.; Bob Casey Jr., Pa.; and Mark Pryor, Ark.

The 25 Republicans were led by Sen. Mike Johanns of Nebraska.

If cap-and-trade comes to pass the cost of virtually everything that has any involvement with energy will skyrocket. Obama has already admitted as much. The average American will pay $700-$1,400 per year in extra energy costs and states like Michigan will be decimated.

It's time to slow this runaway train down.