Climate Bill Halted in Congress

Although  global warming  has been high on Obama’s presidential agenda, his administration hasn’t endorsed the climate and energy change proposal sponsored by the Democrats yet.

According to  a recent New York Times story, the 348 page proposal was unveiled last month and is in  the process of being reviewed. If accepted, the measure could potentially create jobs and reduce greenhouse gas emissions.

The House measure would require large changes in the way the United States generates electricity, manufactures products, heats and lights its offices and homes and moves people and goods.

One central provision of the proposal is a cap-and-trade program that will  limit greenhouse gases, a measure that Obama has been pushing since the beginning of his presidency. Under cap-and-trade, the government sets an overall limit on emissions while allowing companies to trade allowances to pollute.

Many House Democrats have rejected the proposal, finding that it will cause job losses rather than creating new jobs. They also feel that the bill will result in higher energy costs.

Lisa Jackson, the administrator of the Environmental Protection Agency, defended the measure, saying it would impose “modest costs compared to the benefits”.E

According to the New York Times, the draft is slightly flawed because it doesn’t address two key issues. For one thing, it doesn’t say how many of the allowances the government will give away, if any, and how many it will auction.  The legislation also fails to mention what will be done with the profits from the auctions, which Obama estimates to be worth at least $65 billion a year.