CBS News is reporting that a memorandum prepared by the Obama administration shows that enacting cap-and-trade legislation would cost taxpayers up to $200 billion a year, or equivalent to $1,761 per household.

Another memorandum obtained by CBS News shows the Obama administration transition team discussing the economic impact climate change policies will have. According to the memo:

“Economic costs will likely be on the order of 1 percent of GDP, making them equal in scale to all existing environmental regulation.”