"The Senate bill aimed at reducing global warming pollution will initially grant billions of dollars of free emissions permits to utilities and industry but will require the bulk of the money be returned to consumers and taxpayers, according to newly released details.

The bill will also provide a cushion to energy-intensive manufacturing companies to ease the transition to a lower-carbon economy and to help them compete internationally, although the subsidies will disappear over time. The measure also sets a floor and ceiling on the price of permits to emit carbon dioxide and other greenhouse gases.

With these and other changes considered, the Environmental Protection Agency estimates that overall cost of the bill at roughly $100 a year per household, similar to that of a House climate change and energy bill passed in June."


John M. Broder reports for the New York Times October 24, 2009. [2]