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“House Panel Passes Limit on Greenhouse-Gas Emissions” – Washington Post, 22nd May 2009
A bill to create the first national limit on greenhouse-gas emissions was approved by a House committee yesterday after a week of late-night debates that cemented the shift of climate change from rhetorical jousting to a subject of serious, if messy, Washington policymaking.

The legislation would create a cap-and-trade system: Over the next decades, power plants, oil refineries and manufacturers would be required to obtain allowances for the pollution they emit. Those who need more or less could turn to a Wall-Street-like market in the allowances. The 33 to 25 vote was a major victory for House Democrats, who had softened and jury-rigged the bill to reassure manufacturers and utilities — and members of their own party from the South and Midwest — that they would not suffer greatly.

The vote gives this bill more momentum than any previous legislation to reduce greenhouse gases, but it faces hurdles. In the House, Rep. Collin C. Peterson (D-Minn.) has said he wants to take up the bill in his Agriculture Committee, seeking to change rules for those who raise corn for ethanol. The Senate has shot down previous cap-and-trade plans.

President Obama supports the bill, an aide said yesterday, though some provisions are weaker than what he advocated during the presidential campaign. In particular, Obama called for all pollution credits to be auctioned off by the government, but the House bill would give away about 85 percent of them.
(Read more at Washington Post)

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