New Budget Looks Greener for the Country
Feb 26, 2009
According to a new article by the Wall Street Journal online magazine, President Obama is planning to cap the emissions of greenhouse gases, forcing companies that pollute to purchase permits for emissions. These levels would be slowly brought down to 14% below the 2005 levels by 2020 and 83% below the 2005 levels by 2050. The sale of those permits, beginning in 2012, would reap $646 billion through 2019. Of those revenues, $525.7 billion would be devoted to extending Mr. Obama’s signature “Making Work Pay” $800 tax credit for working couples. Another $120 billion would go to clean energy technology.
It will be interesting to see how much this proposal gets watered down in committee, but it is certainly an aggressive proposal by this new president.
Hopefully it will all be finalized by Earth Day.