New York Times, “Climate bill needed to ‘save our planet,’ says Obama “:
President Obama lent his voice last night to the push for a mandatory cap on greenhouse gas emissions, using his first speech to a joint session of Congress to lobby for controversiallegislation sure to spark a heated debate during tight economic times.
Obama campaigned for president last year with climate change and energy issues atop his agenda. And he returned to those themes yesterday, saying that a cap-and-trade bill would help spark economic recovery by giving U.S. companies greater incentive to start producing more wind turbines, solar panels, biofuels and battery-powered automobiles.
“To truly transform our economy, to protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy,” Obama said in his address to Congress. “So I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America. That’s what we need.”
Washington Times, “Obama counting on cap-and-trade“:
President Obama is banking on $300 billion to come in by 2022 from a cap-and-trade plan to reduce greenhouse gases, according to a source with knowledge of the president’s proposed budget.
Mr. Obama expects money from the climate-change proposal to start rolling in by 2012, and that amount would come in over the subsequent 10 years as companies purchase carbon offsets, according to the source.
The budget’s assumption of money from a revenue stream that does not yet exist provides a concrete indication that Mr. Obama expects a cap-and-trade system to be in place soon although Congress still must shape, write, debate and decide on a timetable for legislation that likely will be divisive even among Democrats.
It’s worth remembering that in Europe, cap and trade has failed to “save our planet” and “transform our economy.” It’s failed all the way around.
Heritage Foundation, Why Should the U.S. Embrace Failure?
Chris Horner, Competitive Enterprise Institute, National Review Online, “Verdict: Failure.”
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