March 18, 2009
Obama climate plan could cost $2 trillion
President Obama’s climate plan could cost industry close to $2 trillion, nearly three times the White House’s initial estimate of the so-called “cap-and-trade” legislation, according to Senate staffers who were briefed by the White House.
A top economic aide to Mr. Obama told a group of Senate staffers last month that the president’s climate-change plan would surely raise more than the $646 billion over eight years the White House had estimated publicly, according to multiple a number of staffers who attended the briefing Feb. 26.
“We all looked at each other like, ‘Wow, that’s a big number,’” said a top Republican staffer who attended the meeting along with between 50 and 60 other Democratic and Republican congressional aides.