Proposed Budget Includes Cap And Trade

The new budget proposed by the President includes a new cap-and-trade program for greenhouse gas emissions. Revenues from a national cap-and-trade system for greenhouse gas emissions would come from auctions of emissions permits. The program will generate $650 billion between 2012 and 2019.

The President said, “Because our future depends on our ability to break free from oil that’s controlled by foreign dictators, we need to make clean, renewable energy the profitable kind of energy. That’s why we’ll be working with Congress on legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy.

And to support this effort, we’ll invest $15 billion a year for 10 years to develop technologies like wind power and solar power, and to build more efficient cars and trucks right here in America. It’s an investment that will put people back to work, make our nation more secure, and help us meet our obligation as good stewards of the Earth we all inhabit.”