Speaking on the "Cap and Trade" legislation like that which passed the U.S. House of Representatives on Friday by a scant seven votes (219-212), billionaire Warren Buffett told CNBC's Squawk Box that utility customers are going to pay the increased costs in the form of higher energy bills--that's your electric bill and mine.
The Washington Congressional delegation voted 7-2 in favor of President's "Cap and Trade" legislation with Republican Congressman Dave Reichert joining Democrats Jay Inslee, Rick Larsen, Brian Baird, Norm Dicks, Jim McDermott and Adam Smith. Only Congressman Doc Hastings and Congresswoman Cathy McMorris-Rodgers opposed the bill as AWB members requested.
AWB believes there are better ways to control carbon and greenhouse gas emissions which are based on incentives, rather than punitive regulations. "President Obama and Congress are setting the government up to create winners and losers to reduce greenhouse gas emissions as opposed to encouraging innovation and creativity through market-based solutions.
Hopefully, the U.S. Senate will stop this juggernaut. Congress ought to stop and pass carefully crafted and thoughtful legislation rather than racing the clock to beat a 4th of July or Labor Day deadline for the President.
Don C. Brunell, President (DonB@awb.org)
