Today, Reps. Henry Waxman (D-CA) and Ed Markey (D-MA) released a new 932-page version of their cap-and-trade bill and a summary explaining how emission allowances will be allocated.
President Obama had campaigned on a cap-and-trade plan in which 100% of the emission allowances would be auctioned. His FY 2010 Budget also calls for a 100% auction system (pp. 21 and 100), generating anywhere from $646 billion to nearly $2 trillion in revenues over ten years.
Of course, the last thing companies subject to emission caps want to do…
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