U.S. Sen. David Vitter (R-La.) says that President Obama's new regulations on carbon emissions from existing power plants as part of his Climate Action Plan will be a big blow to Americans' pocketbooks.
Sen. Vitter says today's announced regulations will bypass Congress - and the American people - to institute and force taxpayers to fund cap-and-trade:
"This rule is all pain, no gain. American families and businesses will have to shoulder all the costs and burden from this rule without contributing to any significant reduction in global carbon emissions.
"It's cap and trade all over again - but this time without giving the American public a voice to vote on it in Congress. This rule is just a payday for President Obama's friends and political allies."
This rule is expected to have a less than 2% impact on carbon emissions reductions because it will not impact the world's largest carbon emitters like China, India, and Russia. However, the rule will impose less reliable electricity with much higher prices on all Americans.
U.S. Senate Republican Leader Mitch McConnell (KY) echoed Vitter's prediction of "pain" for Americans"
"Another tragedy in today's announcement is that for all the pain this new rule will inflict on ordinary Americans, there is no clear benefit. These new rules will cheer the far-left patrons of Washington liberals, but there is simply no question that our competitors around the world will eagerly replace whatever industry we lose as a result of these new rules. The notion that these competitors will follow our lead is pure and utter fantasy."