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Democrats tangle on Climate Change

Post Time:Mar 12,2009Classify:Industry NewsView:102

Democratic congressional leaders are encountering opposition from key Senate Democrats to the president's plan to put a price on carbon this year, and are considering bypassing normal Senate procedures to push through legislation.

President Barack Obama's 2010 budget plan calls for using a carbon Cap and Trade system to raise as much as $646 billion in new revenue for the government between 2012 and 2020.

The system would set limits on how much carbon dioxide and other greenhouse gases industries could emit, and sell rights to emit those gases that could be traded among companies. Most of the money raised would go toward a refundable tax credit of up to $400 for working individuals and $800 for working families, subject to income limits. The rest would go to subsidize clean technology research, under the president's proposal.

Under normal rules, backers of the Cap and Trade bill would need 60 Senate votes to cut off debate and move to final action. As of now, it's not clear Democratic leaders have those votes.

Read a blog on Cap and Trade and leave your comment.

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