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In a triumph for President Barack Obama, the Democratic-controlled House of Representatives narrowly passed sweeping legislation Friday that establishes the United States' first limits on pollution linked to global warming and aims to usher in a new era of cleaner, yet more costly energy.
The vote was 219-212, capping months of negotiations and days of intense bargaining among Democrats. Republicans were overwhelmingly against the measure, arguing it would destroy jobs in the midst of a recession while burdening consumers with a new tax in the form of higher energy costs.
The House's action fulfilled Speaker Nancy Pelosi's vow to clear major energy legislation before July 4 and sent the measure to a highly uncertain fate in the Senate.
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CNBC.com |
On the House floor, Democrats hailed the legislation as historic, while Republicans said it would damage the economy without solving the nation's energy problems.
It is "the most important energy and environmental legislation in the history of our country," said Democratic Rep. Ed Markey. "It sets a new course for our country, one that steers us away from foreign oil and toward a path of clean American energy."
For the Investor:
But Rep. John Boehner, the House Republican leader, used an extraordinary one-hour speech shortly before the final vote to warn of unintended consequences in what he said was a "defining bill." He called it a "bureaucratic nightmare" that would cost jobs, depress real estate prices and put the government into parts of the economy where it now has no role.
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The legislation would require a 17 percent reduction by 2020 in carbon dioxide and other greenhouse gas emissions in the United States from 2005 levels and by about 80 percent by mid-century. That was slightly more aggressive than Obama originally wanted, 14 percent by 2020 and the same 80 percent by mid-century.











