An amendment by Congressman Roy Blunt to abandon a cap-and-trade system if electricity rates increase was rejected by the House Energy and Commerce Committee in a vote that mostly broke among party lines.
The legislation at hand would set limits on U.S. greenhouse gas emissions and allow companies to buy and sell pollution permits. Blunt says Missouri utility regulars estimate the legislation would increase rates by as much as 40 percent.
Read the Bloomberg piece HERE.
"We must look at the real ramifications this bill will have on our already struggling economy," Blunt said. "The bill the Committee is debating can best be described as a national energy tax. It will kill jobs, make America less competitive and punish everyone from families to small businesses and manufacturers by forcing electricity rates to spike. My amendment would serve as an emergency exit from this damaging backdoor energy tax."
Read more of Blunt's view HERE.