Sparring over Waxman's climate proposal
Republicans and Democrats on the House Energy and Commerce Committee sparred Wednesday at a hearing on Rep. Henry Waxman’s (D- Calif.) proposed climate-change legislation.
Out of the gate, Rep. Fred Upton (R-Mich.) lambasted the idea of cap-and-trade--mockingly calling it ‘cap-and-tax’--as a failed policy experiment that's not worth repeating.
“All one has to do is examine the results of the European Union's cap-and-tax scheme -- it was a failure. CO2 emissions in the U.S. fell by 1.8 percent in 2006, compared to a 0.3 percent increase in emissions in the EU, according to EIA," Upton said. "Both economies grew at a near-identical pace in 2006, about 3 percent for the year. Given the economic conditions we're facing today, we should not try to replicate the EU's failed experiment. Not to mention that emissions increased in the EU," according to an April 22 article in The Hill.
Read a blog on Cap and Trade.