Sen. Cornyn: Administration Memo Confirms Cap-And-Trade Costly For Texans

Statement

Report after report shows legislation is harmful for Texas and would raise taxes

U.S. Sen. John Cornyn, R-Texas, issued the following statement regarding a months old Department of Treasury analysis, which concluded the cap-and-trade legislation would cost Americans up to $200 billion annually - the same as increasing taxes by 15 percent. The memo was obtained through a FOIA request.

"President Obama once said transparency would be one of the ‘touchstones' of his presidency. But nine months in, it seems that promise has been forgotten. Now we learn that a report from within his own Administration has been covered up that directly contradicts the selling points that the President and Congressional Democrats have been using for months to convince the American people that cap-and-trade legislation is needed. No matter how hard they try, they cannot hide from the facts. Cap-and-trade legislation would be devastating to middle-class Texas families. It will not help the economy, it would raise taxes, kill up to 400,000 jobs in Texas alone and be catastrophic for Texas energy producers, ranchers and farmers."

Source