This is a guest post by Donny Shaw, who runs OpenCongress. A joint project of the Sunlight Foundation and the Participatory Politics Foundation, OpenCongress lets you research, track, and understand legislation in Congress.
(That's not a rhetorical question.)
As expected, the Senate has chosen to move forward with the the most lenient global warming bill among the several it had to choose from. Joe Lieberman (I-CT) and John Warner's (R-VA) cap-and-trade bill, the America's Climate Security Act of 2007 was marked up favorably by the Private Solutions to Global Warming Subcommittee by a vote of 4-3. It will now move to the full Senate Environment and Public Works Committee for a vote before going to the Senate floor.
The bill would reduce greenhouse-gas emissions by about 63 percent below present levels by 2050 through setting limits on the emissions that manufacturers and utilities can release. It would also establish a carbon-trade market to encourage polluters to clean up their operation in the name of profit, but it contains loopholes that would give away many of the carbon credits instead of selling them at auction, thus severely weakening the incentives for reducing pollution. Another bill that has been competing for traction with Lieberman-Warner calls for mandatory reduction of 80 percent below 1990 levels by 2050, closer to what many consider to be the scientific consensus as to what needs to be done to avoid the worst effects of global warming. And that bill would sell the carbon credit rather than give them away.