June 17, 2010
- A d v e r t i s e m e n t
Senators John Kerry (D-Mass.) and Joe Lieberman (I-Conn.) said they are not worried that their cap-and-trade plan might harm fellow Democrats going into the November elections, at a time when voters are more concerned about bread and butter issues such as the economy and the 9.7 percent unemployment rate.
The bill, the American Power Act, was unveiled in May and would establish a nationwide cap-and-trade system that would regulate the amount of carbon dioxide emitted into the atmosphere. In exchange, the bill would also extend various tax subsidies and credits in an attempt to make renewable energy sources relatively affordable.
Cap and trade basically means that a ceiling, a cap, would be placed on certain carbon-emitting manufacturers who would be allowed to exceed that cap if they purchase carbon credits (trade), the proceeds of which would be invested in alternative energy after the government collected a portion of those proceeds. (Some analysts describe the plan as “cap and tax.”)
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