Breaking News: Treasury Admits Global Warming Cap-and-Trade Costs Could Hit $300 Billion Annually | CEI

Washington, D.C., September 18, 2009―Global warming cap and trade costs could hit $300 billion annually, the Treasury Department admitted in documents released today – late in the afternoon and on the day of the Jewish New Year celebration. The same documents had been released by Treasury earlier this week but had important parts redacted. Now, the document is available in its entirety for public scrutiny.

The new information reveals that Treasury estimates that not only could cap and trade cost $300 billion annually, “domestic policies to address climate change and the related issues of energy security and affordability will involve significant costs and potential revenues, possibly up to several percentage points of annual GDP (i.e. equal in size to the corporate income tax).”