McDonnell Stands up for Virginia Taxpayers and Workers

McDonnell Stands up for Virginia Taxpayers and Workers
Strongly Opposes Federal Cap and Trade Legislation
-Responds to Gingrich Letter asking Gubernatorial Candidates to Take Firm Stand on the Waxman-Markey Federal Cap and Trade Bill-

RICHMOND - As reported by The Washington Post today, American Solutions for Winning the Future, a group chaired by former United States House Speaker Newt Gingrich, is sending a letter to both Virginia gubernatorial campaigns requesting that the candidates make clear their position on federal cap and trade legislation under consideration in the United States House of Representatives.  In response to the request, Bob McDonnell has issued the following statement on the issue:

“Passage of the Waxman-Markey Cap and Trade Bill would increase taxes and unemployment in Virginia.  It would hurt Virginia’s competitiveness in the world economy, raise our electricity rates and have a direct impact on every Virginia citizen.  It’s a job-killer.  Both the Brookings Institution and the Heritage Foundation, groups typically found on opposite sides of most political debates, agree this misguided legislation would have a negative impact on our economy.

Peter Orszag, Director of the Office of Management and Budget under President Barack Obama, said in testimony before the Committee on Finance, ‘Under a cap-and-trade program, firms would not ultimately bear most of the costs of the allowances but instead would pass them along to their customers in the form of higher prices.’  He went on further to indicate that the annual cost increase for middle income households would be $1,160, and could range as high as $2,180 for higher incomes, if carbon dioxide emissions were cut 15%.  With the unemployment rate in Virginia at 6.6%, and Virginia families and businesses having to make do with less, passage of this legislation is unacceptable.

We can reduce carbon emissions, and clean up our environment, without raising taxes on Virginia citizens and increasing unemployment. We must encourage companies to innovate by providing tax incentives for environmentally-friendly construction, energy efficient workplaces and establishment of environmentally-friendly sustainability programs. The cap and trade legislation under consideration is exactly the wrong approach to take. It is a heavy-handed big government approach based on ideology, not science.

I urge my opponent in this campaign, Creigh Deeds, to join me in taking a strong stand against this legislation. I call on Creigh to put the interests of the people of Virginia ahead of the interests of his political party. Further, I call on Governor Tim Kaine, as head of the Democratic National Committee, to stand up and oppose this legislation as well. If this legislation is successful, the cost of energy will go up for every citizen in Virginia. Virginians will lose their jobs. The Commonwealth’s economy will be weakened. I firmly oppose the Waxman-Markey Cap and Trade Bill and I look forward to a response from the Deeds campaign, as well as from Governor and DNC Chairman, Tim Kaine.”