Key Dems Announce Breakthrough on Climate Change Legislation

Arguments in the House Energy & Commerce Committee over whether to charge utilities for initial pollution credits needed to support a "cap and trade" carbon dioxide regulatory system, as well as the amount of reduction of carbon dioxide emissions required by 2020, have been settled.

According to a report in Roll Call, the newspaper that covers Capitol Hill, Rep. Henry Waxman (D-Calif.) and Rep. Rick Boucher (D-Va.) have reached a deal on those contentious issues.

The article quotes Waxman as saying the committee will move on to a mark-up of the climate change legislation next Monday, with the bill being formally introduced on Thursday.

Under Waxman's agreement with Boucher, the bill would grant electric utilities free initial emission credits and require that the nation achieve a 17 percent reduction in carbon dioxide emissions by 2020.

Yet to be determined is the amount of renewable energy required to be in each utility's portfolio of sources that will be included in the bill.

The measure is expected to include further assistance to the auto industry, as well as a "cash for clunkers" program that would grant consumers trading in low gas mileage vehicles a voucher toward the purchase of a new vehicle.