Obama's Budget Predicts $645B From Carbon Caps

Law360, New York (February 26, 2009, 12:00 AM EST) -- President Obama's proposed $3.55 trillion federal budget, unveiled Thursday, predicts that $645.7 billion in revenues would be generated by 2019 from a federal carbon dioxide cap-and-trade program that has yet to be approved by Congress.

According to the budget proposal, the Obama administration plans to work with key stakeholders and Congress to develop an economywide emissions reduction program to reduce greenhouse gas emissions approximately 14 percent below 2005 levels by 2020, and approximately 83 percent below 2005 levels by 2050.

The administration wants this program —...
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