Ms. FOXX. Madam Speaker, my colleague from Indiana made some very, very eloquent and compelling remarks about the status of our economy, and my colleague from West Virginia gave valuable information on energy and called attention to some important issues.
My distinguished colleague from Florida, whom I like and admire very much, says the energy bill will create jobs, but he's wrong. It will kill jobs. He never answered his own question: Why don't we produce those mirrors in the United States? Because our taxes are high and regulations drive jobs overseas.
America, if the Democrats pass this cap-and-tax bill, get ready to pay more for electricity, a lot more. This cap-and-tax scheme, better known as a national energy tax, if it becomes law, will cost $846 billion. That's according to the Congressional Budget Office's latest estimate. The CBO is a nonpartisan organization.
Who's going to bear the brunt of this new national energy tax? Anyone who turns the lights on, but it's also going to be especially harmful for many of my constituents and all others who work in manufacturing.
As companies adjust to this new energy tax, many will be forced to ship jobs and the accompanying greenhouse emissions overseas where energy costs will be much lower. Many employers will face the tough choice of outsourcing or going out of business altogether. This destructive energy policy will kill millions of American jobs and permanently send them overseas, and I and many others cannot support this.
I want to quote from a report that came out from the Ways and Means Ranking Member Dave Camp, who has based his comments on this CBO report that's come out. He says that, ``The facts are plain and clear: Democrats in Congress are breaking the President's pledge not to raise taxes on working families. The President has repeatedly stated married couples earning less than $250,000 a year would not face higher taxes, but this legislation imposes an energy tax on every American and provides no help to families making more than $42,000 or individuals making as little as $23,000. Increasing Americans' fuel and utility bills in this recession is not only bad policy, but it completely ignores the hardships millions of Americans are already facing. This is dangerous legislation in desperate need of closer review.''
Republicans want energy independence for Americans, and we can have it but not under this cap-and-tax bill.
Madam Chairman, I would like to point out one other issue that is before the Congress recently, and that is money for the IMF, the International Monetary Fund, in the supplemental bill. What the Democrats want to do is cut $5 billion from our troops in order to fund the IMF. And because any IMF member country may apply for these loans, Iran, Venezuela, Zimbabwe, and Burma are all eligible. Therefore, state sponsors of terrorism can receive American taxpayer money under the Democrats' proposal.
The New York Times reported on May 27 that Hezbollah is in talks with the IMF about continuing loans to Lebanon should they win the election. Therefore, a terrorist organization could receive American taxpayer dollars under the Democrats' proposal.
To loan the IMF $108 billion, the U.S. will have to borrow the money from other countries, like China. A loan of this size to the IMF will put America further into debt, a cost that will be paid by our grandchildren and children, a point so well-pointed out by my colleague from Indiana. Also, according to the Center for Economic and Policy Research, American taxpayers will actually lose money by loaning it to the IMF. While countries like China, Russia, Brazil, and India have announced they will not participate in loans, the Democrats are asking Americans to support this.
Finally, the American taxpayers are sick of bailouts in their own country. How can Democrats rationalize a global bailout?