The Bad Side: The Obama White House admits that cap and trade policies will increase energy costs for Americans.
The Good Side(?): The Obama White House admits cap and trade policies will give government more money to blow.
White House Budget Director Peter Orszag was on This Week with George Stephanopoulos.
During his interview Orszag admitted that Obama’s proposed cap and trade energy legislation will increase energy costs for everyone:
In September Orszag told Congress the cap and trade policies would create additional revenue for government:
The Post cited testimony to Congress in September by Peter Orszag, currently Obama’s budget director, estimating that revenue from a cap-and-trade scheme could reach 112 billion dollars by 2012.
According to Orszag, who at the time was director of the Congressional Budget Office, the program — which would force companies to buy permits if they exceed pollution emission limits — could generate between 50 and 300 billion dollars a year by 2020.
The two on “This Week” did not discuss the historic deficit the Obama Administration has racked up already this year. Orszag and Obama are betting that their massive and historic spending will lift the US out of its recession.
Team Obama projects a record $1.75 trillion budget deficit this year:
CBO chart via RedState
White House Budget Director Orszag: “Elevated Deficits Are Beneficial” (Video)
UPDATE: Here’s some bad news for Orszag and Obama– You know things aren’t going so well when the NY Times AND Warren Buffet both question your budget projections.