Obama Budget: Setting ‘Green’ Goals

The Obama budget promises what it calls a comprehensive effort to address global warming, slash oil imports and create a new “green” economy that produces millions of new jobs. The White House estimates that the plan, built around a cap-and-trade program to limit greenhouse gas emissions, will produce $150 billion over 10 years beginning in 2012 to finance renewable energy projects and another $65 billion a year to pay for middle-class tax credits. Any further revenue from the sale of emissions permits will be returned to families, communities and businesses that suffer hardship as the result of higher energy prices, the budget blueprint states. Under the plan, 100 percent of pollution permits will be auctioned, meaning no sector of the economy will be exempted from paying for the right to emit carbon dioxide and other gases that contribute to global warming. This is consistent with Mr. Obama’s campaign pledge, and it is a matter of fierce debate. The budget establishes relatively aggressive emissions reductions targets of 14 percent from 2005 levels by 2020 and 83 percent by 2050...NY Times