Obama counting phantom revenue

“A trade publication is reporting this afternoon that President Obama’s 2011 federal budget proposal will assume receipt of [hundreds of] billions of dollars in revenue generated from the cap-and-trade program even though that proposal appears now to be all but dead in Congress.  …

“Obama last year proposed in his fiscal 2010 budget that a cap-and-trade program would raise some $650 billion over 10 years via a full auction of emission credits, … ”  Energy and Environment News senior reporter Darren Samuelson wrote in the publication that is subscription-only.  …

The House bill projects cap-and-trade revenues of $873 billion.

Whether it’s the $650 billion projected by the Senate bill or the $873 billion of the House bill, it appears highly unlikely, to put it charitably, that either measure will make it to Obama’s desk with the cap-and-trade program intact. That means Obama will be counting phantom revenue as part of his next federal budget proposal.”  “Obama’s 2011 budget will include phantom cap-and-trade revenue

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