National Debt Clock

Monday, February 1, 2010

Obama Plan Has $79 Billion From Cap-and-Trade in 2012

President Barack Obama’s budget plan assumes $78.7 billion in revenue in 2012 from the sale of greenhouse-gas emission permits to polluters, putting pressure on Congress to pass legislation by early next year.

A “cap-and-trade” program would generate a total of $645.7 billion by 2019, according to the budget blueprint Obama sent to Congress today. Initial funds would be used to invest in “clean” energy, help finance Obama’s tax credit for workers as well as offset higher energy costs for low- and middle-income people and clean up costs for small businesses.

The budget calls for the Environmental Protection Agency to get $19 million to begin setting up an inventory of greenhouse- gas emissions that most scientists say are causing rising temperatures and sea levels. Obama has asked Congress to send him a bill that would create an emissions trading system, putting a mandatory cap on carbon-dioxide pollution nationwide for the first time in the U.S.

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