The Facts About The Democrats' Budget:

The Largest Tax Increase in American History: The Democrats' budget will raise taxes by $1.4 trillion over the next ten years. The cap-and-trade proposal is expected to raise at least $646 billion alone.

A Tax Increase On Families Of More Than $3,000 A Year In Higher Energy Prices: The cap-and-trade proposal in the Democrats' budget will lead to higher energy prices and a tax for every American who uses energy. The Democrats' cap-and-trade proposal represents a new national climate tax that will cost every household up to $3,128 annually in higher costs for natural gas, electricity, home heating oil and gasoline.

Tax Burden Would Hit Lower-Income And Middle-Income Families The Hardest: The cap-and-trade tax is highly regressive, impacting most the lower-income and middle-income families who spend a greater portion of their monthly income on energy than higher income earners.

Potential To Destroy Anywhere From 1.8 Million To 7 Million Jobs*: National Association of Manufacturers estimated a net job loss of 3 to 4 million; the Heritage Foundation estimated job losses between 1.8 and 5.3 million; and Charles Rivers Associates estimated job losses as high as 7 million

Stifling Economic Growth*: The Environmental Protection Agency estimated a decline in GDP of $238 billion (0.9%) to $983 billion (3.8%) in 2030 and $1,012 billion (2.4%) to $2,856 billion (6.9%) in 2050. The Heritage Foundation estimated a decline in GDP of $1.5 to $4.8 trillion.

Higher Energy Costs*: The Environmental Protection Agency estimated a rise in electricity costs of between 44% and 79%. The National Association of Manufacturers estimated an increase of between 101% and 129%.

THE BOTTOM LINE: Why would Congress want to raise families' energy bills, increase America's dependence on foreign energy, and destroy American manufacturing jobs?

Administration Officials Admit That The Cap-And-Trade Proposal Will Leader To Higher Energy Prices:

Secretary Timothy Geithner: "Now, if people don't change how they use energy then they will face higher costs for energy, but there is no way to try to get us on a path to energy independence and address the critical problems caused by climate change without changing the incentives that are…" (U.S. House Of Representatives House Ways And Means Committee, Hearing, 3/3/09)

OMB Director Peter Orszag Said Cap-And-Trade Will "Absolutely" Lead To Higher Energy Prices. ABC'S GEORGE STEPHANOPOULOS: "So you're not disputing that the cap and trade on its own will increase prices for most Americans but they're going to be getting other benefits in the budget?" PETER ORSZAG: "Absolutely." (ABC's "This Week," 3/1/09)

White House Economic Adviser Believes Cap And Trade Can Raise Taxes By "Two-To-Three Times" The Original Estimate. "A top White House economic adviser told Senate staff a proposed cap and trade system could raise 'two-to-three times' the administration's existing $646 billion revenue estimate, according to five people at the meeting. This could mean the cap and trade system could actually generate between roughly $1.3 trillion and $1.9 trillion between fiscal years 2012 and 2019. Jason Furman, deputy director of the National Economic Council, offered the estimate at a Feb. 26 meeting on Capitol Hill with a bipartisan group of staffers, most of whom are attached to the Senate Finance Committee, according to five Senate aides who attended the meeting." (Corey Boles and Martin Vaughan, "White House Official Boosts Cap And Trade Revenue Estimate," The Wall Street Journal, 3/18/09)

What Some Democrats Are Saying About The Energy Tax Increases In The Democrats' Budget:

Senator Sherrod Brown (D-OH): Cap-And-Trade Will Lead Manufacturers To Move To China. "Coal-state lawmakers such as Sen. Sherrod Brown (D-Ohio) say Obama's proposal to cap carbon emissions would drive American manufacturers abroad. … Brown told The Hill that he thinks caps on carbon emissions would hurt Ohio manufacturing, which relies on carbon-emitting coal plants for power, and force companies to relocate to China." (Walter Alarkon, "Devil In The Budget Details," The Hill, 3/6/09)

Senator Nelson (D-NE): Cap-And-Trade "Could Have A Negative Impact On Our Economy By Raising Utility Rates On Consumers." "I also question counting revenue for cap and trade policies to deal with climate change that haven’t been implemented and could have a negative impact on our economy by raising utility rates on consumers." (Senator Ben Nelson, Op-Ed, "Need To Rein In Spending, Deficit And Taxes," The Grand Island Independent, 3/11/09)

Spokesman For Senator John Rockefeller (D-WV): "We Need To Be Sure We Don't Negatively Impact The Economy." "Sen. John D. Rockefeller IV, West Virginia Democrat, said the administration and Congress must not ignore other climate-change solutions, such as scientific research into capturing carbon dioxide and sequestering it in the ground. 'The president's plan for a cap-and-trade system is ambitious, but the senator is not completely convinced that it is the best or only solution to curbing carbon emissions,' Rockefeller spokesman Steven Broderick said. 'We need to be sure we don't negatively impact the economy.'" (S.A. Miller, "Obama's Cap, Trade Irk Some In Party," The Washington Times, 3/2/09)

Previous Budget Facts:

BUDGET FACT # 4: Taxing Charitable Giving

BUDGET FACT #3: Taxes Too Much

BUDGET FACT #2: A Debt For Our Children To Pay

BUDGET FACT #1: Too Much Spending On The Backs Of America's Families

*Estimates based upon previous cap-and-trade proposals.