Senate Bill to Reduce Greenhouse Gases Would Cripple U.S. Economy
Posted by CITIZEN POWER ALLIANCE at 7:35 PMThe U.S. Senate is expected to begin deliberations on America's Climate Security Act of 2007 (S. 2191) as early as the first week of June 2008. The bill is sponsored by Senators Joe Lieberman, the Independent from Connecticut, and John Warner, Republican of Virginia.
S. 2191 directs the Administrator of the Environmental Protection Agency to establish a program to decrease emissions of greenhouse gases, with the goal of lowering emissions 63 percent below 2005 levels by the year 2050. These reductions would be achieved through a system that would require companies to cap their emissions and then have them trade emissions rights with each other.
The emissions cuts called for in the Lieberman-Warner bill are so draconian that, as reported in Investor's Business Daily, "The Environmental Protection Agency reckons it would cost as much as $3 trillion a year in lost GDP. In an economy of roughly $14 trillion, that's a significant loss."
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