9/24/2009 - Senate Democrats to unveil climate bill Sept 30

from Reuters
Thursday, September 24 10:11 pm

Senate Democrats will unveil legislation to cut greenhouse gas emissions next Wednesday, kicking off what is likely to be a battle in Congress as lawmakers tussle over the economic impact of controlling global warming.

The bill has not been released formally but will be coauthored by Massachusetts Senator John Kerry and California Senator Barbara Boxer, a Congressional source said on Thursday.

"The overall architecture of the Senate bill is going to be very similar to the House version of the bill," a separate source at an environmental group said via telephone from the G20 summit in Pittsburgh.

The proposal will add to an already full plate for lawmakers in Congress who are still working to hammer out details on healthcare and financial reforms.

The House narrowly passed a climate change bill in June that called for a 17 percent cut in carbon emissions below 2005 levels by 2020, and about an 80 percent reduction by 2050.

It would also require companies to acquire permits for the right to emit carbon. Initially about 85 percent of the carbon permits would be provided to companies for free. (Read the full story.)

Learn more about the Cap and Trade issue here.

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