The Green New Deal
Floor Speech
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Mr. BARRASSO. Mr. President, I come to the floor to discuss the so- called Green New Deal.
America needs every form of energy in order to succeed, but the Democrats' extreme Green New Deal would send our strong, healthy, and growing economy over a liberal cliff. This radical plan would eliminate fossil fuels by requiring 100-percent renewable, carbon-free fuels in just 10 years.
Clearly, we realize that the climate is changing and that the global community has a collective duty to deal with this and to address it. Renewables like wind and solar are certainly a key part of the solution, but still, in the United States today, wind and solar provide only 8 percent of our power. Abundant, reliable, and affordable fossil fuels, like coal and natural gas, power about three out of five U.S. homes and businesses. Excluding them would harm our national security; it would make us dependent on foreign energy; it would destroy jobs; and it would reduce our quality of life.
In a letter sent to the Green New Deal's sponsors, the AFL-CIO--the Nation's federation of labor unions that represents about 12\1/2\ million employees and 55 different unions--called the plan a threat to U.S. workers. The letter reads: ``We will not accept proposals that could cause immediate harm to millions of our members and their families.''
Those at the AFL-CIO also say the plan is not achievable or realistic, and I agree with them. By themselves, renewables can't keep the lights on, and an all-renewable energy electric power grid would collapse. This isn't serious environmental policy--it is a pipe dream.
The Democrats have yet to provide a cost estimate for the Green New Deal. One analysis by the former Director of the Congressional Budget Office estimates it could cost up to $93 trillion--with a ``t.'' That is more than the U.S. Government has spent in our Nation's entire history--combined. We are $22 trillion in debt right now. So how are we going to pay for it--by borrowing more money we don't have or by hiking taxes?
The crushing burden is going to fall the hardest on working families. To get to this number, it would drain every person's checkbook in America, starting with Warren Buffett and going all the way down. The Green New Deal would cost every American family as much as $65,000 a year every year. That is more than the average family makes in America. In Wyoming, where the average family's income is way above average, it would cost the family $61,000 a year.
Despite the heavy toll it would take, the Green New Deal would still fail to significantly lower the Earth's temperature. Already, America leads the world in reducing carbon emissions. In 2017, the U.S. produced just 13 percent of the global emissions, and China and India combined produced 33 percent.
Let's take a look at this from a global standpoint. To me, it doesn't make any sense at all to destroy our competitive economy and allow the biggest polluters to continue to prioritize growth at our expense. Backbreaking tax increases and heavyhanded mandates are not the answer. The solution is to promote free market innovation, and the Republicans continue to advance several innovative strategies for reducing emissions.
First, we are encouraging carbon capture, utilization, and sequestration technologies. That means actually capturing carbon and using it productively for medical products, for construction products.
There are things we can actually do. Last year, we passed a bipartisan bill in this body that was signed into law. It is called the FUTURE Act, and it expands tax credits for capturing carbon.
The Clean Air Task Force calls it one of the most important bills for reducing global warming pollution in the last two decades.
Our carbon capture work continues with the bipartisan USE IT Act, which is going to help turn captured emissions into valuable products.
The other thing we are promoting is advanced nuclear power technologies. Nuclear power has helped lower emissions by providing most of America's carbon-free energy.
In late December, we passed the bipartisan Nuclear Energy Innovation and Modernization Act. This law will help innovators develop new-age nuclear reactors that are cheaper, better, and more reliable.
We also have extended the nuclear tax credit to speed completion of two new nuclear reactors. We are going to speed that completion--the first in a generation. Together they will prevent 10 million tons of emissions every year.
Third, we are encouraging an increase in the use of renewables. Republicans have repeatedly passed tax incentives to promote clean energy.
These include tax credits for wind, for solar panels, as well as incentives for biodiesel and compressed natural gas. The clean energy strategies that Republicans have been working on in a bipartisan way are working because America leads the world in reducing energy-related emissions.
Since 2007, U.S. emissions have been down 14 percent. This progress is the result of innovation. So let's continue to promote proven solutions. Let's reject the Democrats' Green New Deal as unreasonable, unworkable, and unaffordable.
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