House Energy Committee Democrats Want Vote on Climate Bill This Year

The Leadership of the U.S. House Energy and Commerce Committee said in a letter yesterday to committee members that he wants legislation setting mandatory limits on domestic greenhouse gas emissions controls on the House floor later this year.

The goal would be to get a bill before the President by the end of 2008.

"It is our intention to present a final measure to the President to be signed into law before the Congress adjourns this year," according to the letter from Committee Chairman John Dingell (D-Mich.)
and Subcommittee on Energy and Air Quality Chairman Rick Boucher (D-Va.), who is drafting the House legislation.

The plan is to complete House action on the bill "in time to conference with the Senate" cap-and-trade legislation that is much farther along than the House bill, the letter said.

In the Senate, a cap-and-trade proposal authored by Senators John Warner (R-Va.) and Joe Lieberman (I/D-Conn.) cleared the Senate Environment and Public Works Committee on December 5. They hope to bring the bill (S. 2191) to the Senate floor over the next several months. 

House Passes Stimulus Bill; Senate Offers Its Own

The U.S House of Representative on Tuesday overwhelmingly passed H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act of 2008 (385-35), a bill to stimulate the slowing American economy.

The package, totaling $146 billion, would issue rebate checks to taxpaying middle class Americans ranging from up to $600 for an individual and up to $1,200 for a married couple, plus $300 per child, with no limit on the number of children. The rebates would be phased-out for those with incomes above $75,000 for a single taxpayer and $150,000 for joint-filing married couples.

The bill also would provide tax relief for small businesses by allowing a “50 percent bonus deduction on new equipment in the year it is placed in service, with certain exceptions for equipment with a ‘long life.’ This temporary tax cut offers significant savings on new property with a depreciation period of 20 years or less.” The tax cut aims to increase small business investment and create more jobs for Americans in need of work.

Fannie Mae and Freddie Mac conforming loan limits would increase from $362,000 to $725,000 and from $417,000 to $625,000. (Fannie Mae and Freddie Mac are commonly accepted portmanteaux, or word parts combined to form other words.  They were originally known, respectively, as the Federal National Mortgage Association and Federal Home Loan and Mortgage Corporation, government-sponsored enterprises authorized to make loans and loan guarantees.) 

A bill sponsored by Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Chuck Grassley (R-Iowa), passed the full Committee on Wednesday; the bill aims to broaden the House stimulus package.

The Senate bill looks to tack on another $32 billion. It would include funding for food stamps, low-income heating-assistance, a 13 week extension of unemployment-insurance, and to include senior citizens on Social Security and disabled veterans to be eligible for rebate checks. Also included was a one-year extension of tax credits for electricity produced from renewable resources such as wind, biomass, geothermal and solar energy.  

The finance package would also increase the phase-out income ceiling for rebate checks starting at $150,000 for individuals and $300,000 for couples. The rebate checks would be between $500-$1000 for all but the richest taxpayers.

Yesterday, Senators Ron Wyden (D-Ore.), John Thune (R-S.D.), Chris Dodd (D-Conn.), and Richard Shelby (R-Ala.) offered an amendment that would secure an additional $5 billion in funding for transportation infrastructure, with $4 billion allocated for highway projects and $1 billion for transit.

The Senate is scheduled to vote on the bill Monday evening; however, there is doubt the Senate will achieve the required 60 votes to pass the bill.

Contact Robert Sullivan or David Hubbard.

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