(Bloomberg) – When Tea Party activists began protesting last July, it wasn’t the health-care overhaul that set them off. The target was a cap-and-trade bill, designed to limit carbon emissions, that had passed the U.S. House of Representatives a few days before.
Kim Chipman and Simon Lomax
April 22, 2010
Their anger, along with opposition from some Democrats, stalled the bill in the Senate. By winter, polls showed more Americans were questioning whether climate change was even a concern. Senator Lindsey Graham, a South Carolina Republican who favors climate action, told reporters March 2 that “cap-and- trade is dead.”
Now Graham, John Kerry, a Massachusetts Democrat, and independent Joe Lieberman of Connecticut are preparing to introduce a compromise bill in the Senate. They have indicated it will include a mandatory, declining limit on carbon emissions in the electric-power industry while giving utilities the right to buy and sell carbon allowances.
The senators aren’t calling it “cap-and-trade,” though. The legislation is about “pricing carbon,” Graham told reporters in Washington last month.