Virtually ‘Every’ Industry Sharpens Knives for Climate Bill

The Wall Street Journal reports that "virtually every special interest in the economy" is working to minimize the cost of the climate change bill under debate right now in the Senate. The bill, which is not likely to pass this year anyway, would require companies to pay for the right to emit green house gases, with the goal of cutting emissions by 65% by 2050. No real surprise here. There’s never been a cap on how much carbon dioxide the United States can emit in burning such fossil fuels as oil, natural gas and coal. The bill essentially amounts to a new corporate tax, which as the WSJ points out, is never attractive to industry.

The debate isn’t necessarily partisan, as Suemedha mentioned yesterday. It’s very much a regional fight. For example, Sen. Debbie Stabenow (D., Mich.) wants to protect the manufacturing sector in her state by introducing an amendment allowing companies to purchase foreign credits to avoid having to offset their own emissions. That controversial idea has already taken heat from Tennessee Republican Bob Corker and Vermont Independent Bernie Sanders who say they will enter a rival plan blocking the use of foreign credits.