U.S. House of Representatives Passes Historic Bill Limiting CO2 Emissions

After intensive lobbying by President Obama, the U.S. House of Representatives narrowly passed an historic bill that places a cap and a price on carbon dioxide emissions contributing to the warming of the planet. The legislation, approved by the House in a 219 to 212 vote, now moves to the U.S. Senate, where a tough fight is expected. Republicans voted overwhelmingly against the bill, as did 44 Democrats. The 1,300-page bill would require all major sources of fuels that emit carbon dioxide — including utilities, oil refiners, and manufacturers — to cut their greenhouse gas emissions by 17 percent below 2005 levels by 2020 and by 83 percent by 2050. The bill would place a steadily decreasing cap on carbon dioxide emissions beginning in 2012, with emitters initially receiving most pollution permits for free but soon being required to purchase them. The goal of the Waxman-Markey bill, named for its sponsors, is to force steady reductions in greenhouse gas emissions and stimulate the development of renewable sources of energy. Calling the bill “decisive and historic,” Rep. Henry Waxman (D.-CA) said, “This legislation will break our dependence on foreign oil, make our nation a leader in clean energy jobs, and cut global warming pollution.” But Republicans sharply criticized the bill as an energy tax that would inflict serious harm on the economy.