Rep. Jim Sensenbrenner writes:

In the coming days, the United States is expected to reach its debt limit of $12.1 trillion. House Democratic leaders have said at least an additional $200 billion in credit is needed for the U.S. Treasury to make it through the year, and it looks as though that they will eventually try to raise the debt ceiling by at least another $1.8 trillion.
Already we’re spending our grandchildren’s tax dollars on bank bailouts and wasteful stimulus packages. But as climate talks heat up in Copenhagen, Denmark, I worry that President Obama will commit the U.S. to more wasteful spending. What’s worse, this money won’t be spent here in the U.S., but in countries like China, India, Iran and even North Korea.
Climate talks have already stalled over the demands of poor countries who expect rich nations to provide between $100 billion and $200 billion each year for energy technology and other climate mitigation costs. In contrast, developed nations, including the U.S., have proposed a $10 billion “starter fund.”
Countries like China and India have said nations like the U.S. need to provide funding in the neighborhood of 1 percent of GDP. For the U.S., that price tag is $140 billion a year, which is in addition to the $28 billion a year the U.S. already spends in foreign aid. For a U.S. family of four, China’s demand comes to nearly $1,900 in yearly taxes. And that’s just the beginning.
A Massachusetts Institute of Technology study forecasts the international costs to reduce greenhouse gas emission could be as much as $3 trillion by 2050, with the U.S. likely bearing responsibility for at least $1 trillion of what the study called “international financial transfers of an unprecedented scale.” Of course, while China and other developing nations are making demands for this money, they won’t agree on how to spend it.

The rest here.