President Talks Climate Change; Cash for Clunkers, with House Democrats – Political Punch
Posted by SteveB on May 5, 2009
President Obama signaled a willingness to compromise on major environmental legislation, a key House Democrat said today.
The president held a private meeting in the State Dining Room Tuesday morning with Democratic members of the House Energy and Commerce Committee, after which members of the committee spoke to reporters.
The most contentious issue in the Climate Change bill — on track to be voted on in the House this year, House Energy and Commerce Committee, Rep. Henry Waxman, D-Calif., said — is a “Cap and Trade” system.
In “Cap and Trade,” the federal government would limit the amount of carbon emissions permitted, and require companies to bid in an auction for permits to emit greenhouse gases.
Eventually the government would lower the amount of credits available. Firms that reduced their emissions below the required level could auction leftover credits to other polluters.