Obama Will Shock Consumers with Higher Electric Bills

Ernest Istook / March 19, 2009

Hold onto your thermostat as well as your wallet! Annual utility bills may rise $1,800 under President Obama’s “cap and trade” energy tax plan. That wipes out his pledge of a $800 a year tax cut for 95% of Americans.

The White House admits low-balling the cost in Obama’s official budget, which claimed that his plan would add $646 billion to energy costs over 8 years.

The new price tag is three times as high, close to $2 trillion in 8 years, according to Jason Furman, deputy director of Obama’s National Economic Council. (more…)