Editor’s Note – Despite the collaboration and outright corruption behind the Chicago Climate Exchange, as outlined by Glenn Beck, that ties in Barack Obama, Al Gore, SEIU and Goldman Sachs, all who stand to make an awful lot of money on a successful Cap and Trade bill, the Senate will still introduce it’s version of Cap and Trade tomorrow!
This is almost unbelievable, except that we are now seeing this same audacity on an almost daily basis from the Obama administration and the Progressive wing of the Democratic Party.
It’s very clear that the far left understands that their ‘window of opportunity’ expires in November, so they’re hell bent on accomplishing as much as possible before then. It all fits into the Cloward & Piven plan to ‘overwhelm the system’ to lead to it’s collapse, providing the opportunity to establish the ‘preferred’ system.
In short, this is a scam, pure and simple! Any Republican Senator that caves on this legislation should be pushed to the top of the list of those to target in the next appropriate election cycle. You can almost be sure that it will not be any Republican up for re-election in 2010. All who are up in 2012 are suspect!
America, this bill will raise your energy costs substantially, and further line the pockets of the liberal elite. Expect this to move quickly, after all, they still have to shove Immigration Reform down our throats before the window closes.
This should be opposed on an equal level as ObamaCare was!
Senate bill calls for 17% emissions cut by 2020, compromise on drilling
By Jim Snyder & Ben Geman
The Senate climate change bill will call for greenhouse gas emissions to be cut by 17 percent by 2020 and seeks to find a workable compromise between opponents and supporters of offshore drilling in light of the ongoing spill in the Gulf of Mexico.
“Mindful of the accident in the Gulf, we institute important new protections for coastal states by allowing them to opt out of drilling up to 75 miles from their shores. In addition, directly impacted states can veto drilling plans if they stand to suffer significant adverse impacts in the event of an accident,” according to a document described as a “draft short summary.”
The long-awaited bill, to be released in full on Wednesday, also includes a 37.5 percent state royalty share to help protect coastlines and coastal ecosystems. That could upset drilling opponents who see the royalties as an inducement for expanded offshore drilling.
The legislation also contains a number of provisions designed to attract business support.
For example, it will include a “hard price collar” that will keep carbon prices between $12 and $25 in the trading market created by the legislation, a significant win for electric utilities that sought more assurance the sweeping climate bill would not lead to huge increases in energy costs.
And it contains new subsidies to support coal and nuclear power.
Its nuclear provisions include approval of $54 billion in loan guarantee authority to help spur a “nuclear renaissance,” a level supported by the Obama administration. It would also streamline the process for permitting nuclear plants, another change the industry had sought.
The coal industry, meanwhile, would get $2 billion a year to research and develop technologies to capture carbon before it reaches the atmosphere. Coal-fired power plants account for roughly one-third of the country’s annual carbon emissions.
The summary also states the legislation would provide “significant incentives for the commercial deployment of 72 [gigawatts] of carbon capture and sequestration.”
As expected, large manufacturers get a reprieve from having to comply with the emissions reductions until 2016. That year, “energy-intensive and trade-exposed industries receive allowances to offset both their direct and indirect compliance costs,” the summary states.
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