Senate Starts Work on Climate Billadmin
The Senate this week considers legislation that would cut carbon dioxide and other greenhouse gases by about 70 percent by mid-century.
The bill would cap the amount of carbon dioxide that affected industries would be allowed to release. Allowances could be traded in an open market among companies that either need to buy them to meet the emissions cap, or are able to sell them because their emissions are below the cap.
Revenue from the pollution allowances — an estimated $6.7 trillion over nearly four decades — would be used to hold down the cost of complying with the new carbon limits, and help people pay energy bills.
But the bill’s chances of passing the Senate are probably slim, because supporters are not expected to muster the 60 votes needed to overcome a certain filibuster threat. Prospects in the House are even less certain.
But both Democrats and Republicans appeared eager to debate global warming and both sides are preparing a string of amendments for later this week.