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‘Cap-and-Trade’ Increasingly Unpopular
FOUR DEMOCRAT SENATORS have come forward to argue that Congress should abandon so-called “cap-and-trade” legislation, which is intended to fight greenhouse gas emissions but will likely increase costs for businesses operating within the United States. The four Democrats are Sens. Blanche Lincoln of Arkansas, Ben Nelson of Nebraska, Kent Conrad of North Dakota and Byron Dorgan of North Dakota.
In a nutshell, cap and trade would impose on U.S. corporations federally defined limits on greenhouse gas emissions. Companies, which move quickly to reduce their output, could then sell or trade with those that cannot. The House already passed a cap-and-trade bill in June as part of a larger climate and energy bill. It is currently being deliberated in the Senate.
The problem in the Senate is that this type of legislation requires 60 votes to pass. Most Republicans have already said they would oppose the cap-and-trade part of the measure. At least 15 of the Senate’s 60 Democrats said they would not support the House-passed version as it would set back an already troubled economy.
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The concern is that companies will have to spend huge sums of money in order to be compliant and meet government deadlines. At a time when unemployment is high and the economy is suffering due to massive debt and Wall Street greed, costly measures like cap and trade are not popular.
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(Issue # 35, August 31, 2009)
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