.
Legislation to tax U.S. greenhouse-gas emissions was approved by the House of Representatives in a close vote late Friday, securing an initial victory for a cornerstone of President Barack Obama's agenda.
The 1,200 page bill [the last 300 pages added at 3:00 am the day of the vote] -- formally known as the "American Clean Energy and Security Act" -- will reach into almost every corner of the U.S. economy. By putting a price on emissions of greenhouse gases, such as carbon dioxide, the bill would affect the way electricity is generated, how homes and offices are designed, how foreign trade is conducted and how much Americans pay to drive cars or to heat their homes.
The House climate bill, approved by a 219-212 [it needed 218, and received 217 in yesterday's 'test vote', so two folks were bought off] vote Friday evening, would mandate that 15% of the nation's electricity come from expensive and unproven sources such as wind and solar power by 2020, expanding the market and profit potential for companies in those sectors.
The legislation has a provision that would impose tariffs on goods imported from countries that don't match U.S. carbon dioxide restrictions -- a slap at China and India that some business interests fear could provoke a trade war. [i.e., Smoot-Hawley, and the depression it caused, all over again. Lesson are repeated until learned.]
The Edison Electric Institute, which represents investor-owned utilities, backed it, as did those with big investments in 'alternative' [to economically viable] energy investors.
The U.S. Chamber of Commerce and the National Association of Manufacturers lobbied against passage.
"It will affect every aspect of the American economy, harming our ability to compete in the world and provide secure and affordable energy to American consumers and businesses,"
READ MORE
No comments:
Post a Comment