American Clean Energy And Security Act Of 2009

Floor Speech

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Mr. McCAUL. Madam Speaker, ``Electricity rates would necessarily skyrocket.'' That is a direct quote from President Obama describing his ``Cap and Trade'' plan. I agree with the President. That is why we call it Cap and Tax. This is a failed European model that should not be imported into the United States. We've already seen the effects in Europe where household energy prices went up 25% and emissions were not reduced. This is the wrong bill at the wrong time. Imposing a national energy tax on the working families in my district who are already struggling to make ends meet is wrong. And who benefits from this? You guessed it, Wall Street, not Main Street.

While I strongly support investing in alternative energy and green technology, I cannot support this bill.

Overall, in my home state of Texas, energy costs will increase by $1.15 billion imposing an enormous tax each year on every Texas family. All of this for something that simply won't work.

Companies that are not able to meet the cap will simply move their manufacturing facilities overseas to countries with fewer regulations. Nationwide, our country will lose around 2.5 million jobs and Texas alone could lose 277,000 jobs in the first year alone. Perhaps that is why the U.S. Chamber, the National Association of Manufacturers, the Farm Bureau, and dozens of other organizations oppose this plan.

I continue to support the American Energy Act which increases our domestic energy supply by developing more of our resources here in the United States, investing in alternative fuels and offering incentives for better efficiency and conservation--without placing a greater burden on our families, our businesses and our economy.

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