President Obama: "It gives rural communities and farmers the opportunity to participate in climate solutions and generate new income."
• A Heritage Foundation study shows that farmers' average net income will drop by 57 percent by 2035. Also, by 2035, gasoline and diesel costs are expected to be 58 percent higher and electric rates 90 percent higher.
• Secretary Vilsack told the Agriculture Committee that USDA had not done an economic analysis of how this bill will impact farmers, but said "I think it is fair to say there may be additional costs associated with a farming operation, but it is very difficult to quantify."
President Obama: "This legislation is so balanced and sensible; it's already attracted a remarkable coalition of consumer and environmental groups, labor, and business leaders, Democrats and Republicans."
• 116 agriculture and food groups have publicly opposed this bill. Even with Rep. Peterson's amendment, the American Farm Bureau Federation said it could not support the bill because "there are simply too many flaws in the underlying bill."
TK: We can't be afraid of the future, President Obama says. But this bill does look a lot like a massive tax hike on energy in the guise of feel good and populist enviornmentalism.