Late yesterday the House Energy and Commerce Committee filed its 1,202 page climate change measure with the House Rules Committee, in preparation for beginning floor debate on Friday. Final details of ongoing negotiations between Energy and Commerce Chairman Henry Waxman and Agriculture Chairman Collin Peterson needed to generate the 218 votes required for passage of the bill in the House will be handled as a floor managers' amendment during the debate. Meanwhile, Ways and Means Chairman Charles Rangel is seeking tougher provisions respecting countervailing tariffs to be imposed against goods from countries not coming up to at least 80% of U. S. emissions restrictions.
The Waxman/Markey bill currently requires other countries to meet only 60% of U. S. emissions restrictions, and gives the President discretion to either impose countervailing tariffs, or to continue distributing free carbon emission credits to American industries. Rangel wants the extension of free credits to be the exception to the countervailing tariff rule, and to be available only with Congressional approval.
Meanwhile, the Congressional Budget Office has scored the Waxman/Markey measure, and, despite the inflammatory rhetoric of many Republican politicians against the bill, CBO has determined that the average cost of cap and trade and all the other energy independence and efficiency requirements of the bill to consumers of power and heating fuels would be about $0.48 per day, or the equivalent of one postage stamp. Finally, a University of Massachusetts study of the legislation concludes its enactment could create as many as 1.7 million new jobs.
The Waxman/Markey bill currently requires other countries to meet only 60% of U. S. emissions restrictions, and gives the President discretion to either impose countervailing tariffs, or to continue distributing free carbon emission credits to American industries. Rangel wants the extension of free credits to be the exception to the countervailing tariff rule, and to be available only with Congressional approval.
Meanwhile, the Congressional Budget Office has scored the Waxman/Markey measure, and, despite the inflammatory rhetoric of many Republican politicians against the bill, CBO has determined that the average cost of cap and trade and all the other energy independence and efficiency requirements of the bill to consumers of power and heating fuels would be about $0.48 per day, or the equivalent of one postage stamp. Finally, a University of Massachusetts study of the legislation concludes its enactment could create as many as 1.7 million new jobs.
