Ad Slams 1,092-Page ‘Cap and Trade’ Legislation That Would Create $846B in Higher Taxes

(The New American) - Tomorrow, Congress is voting on the 1,092-page American Clean Energy and Security Act (H.R. 2454) to restrict carbon-dioxide emissions in order to fight global warming. The Congressional Budget Office estimates that the measure, which is also known as "cap-and-trade" legislation, would create $846 billion in higher taxes and increase federal “direct spending by about $821 billion.” In addition to the direct tax implications, the bill's extensive new “cap-and-trade” regulations could skyrocket all Americans’ utility bills and create massive job losses. This legislation, which would give a double-hit to the wallets of consumers, is strongly backed by President Barack Obama.