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Senate Not Likely To Pass Climate Bill Of Obama's Dreams

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Any climate bill that passes the Senate is unlikely to adhere to an Obama administration plan that the government auction all of the permits to emit greenhouse gases because it would be too harsh on big industry, a key democratic lawmaker said on Thursday.

Instead, Senator Jeff Bingaman said any system capping and trading emissions developed by Congress will likely include a mix of carbon allowances that are given to polluters -- like cement factories and coal-burning power plants -- and the sale of permits.

President Barack Obama promised during his presidential campaign that he would support a so-called cap and trade system that would put a price on carbon emissions that cause global warming. Obama's plan would require companies that emit more than the limit to purchase all emission permits, to help raise funds for clean energy technology.

Read the whole story at Reuters

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