Obama’s 2011 budget will include phantom cap-and-trade revenue

Mark Tapscott
Washington Examiner

A trade publication is reporting this afternoon that President Obama’s 2011 federal budget proposal will assume receipt of billions of dollars in revenue generated from the cap-and-trade program even though that proposal appears now to be all but dead in Congress.

“The White House told Sen. John Kerry’s office that the president plans to assume revenue from the controversial climate policy approach. Kerry aides said they had assurances the revenue won’t be designated for issues unrelated to energy policy and combating climate change.

“Obama last year proposed in his fiscal 2010 budget that a cap-and-trade program would raise some $650 billion over 10 years via a full auction of emission credits, with the money primarily going to pay for middle-class tax cuts and development and deployment of clean energy technologies,” Energy and Environment News senior reporter Darren Samuelson wrote in the publication that is subscription-only.

Obama repeated during his State of the Union address Wednesday evening his hope that Congress would pass the energy reform bill that featues as its anti-global warming centerpiece establishment of a cap-and-trade program of government credits for carbon emissions reductions that businesses would buy and sell.

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