"Senate panel advances global warming bill."
Democrats turned back repeated efforts by Republican senators to soften the economic impact of a global warming bill before advancing it out of a Senate committee on Wednesday.
It was the first bill calling for mandatory U.S. limits on so-called greenhouse gases to be taken up in Congress since global warming emerged as an environmental issue more than two decades ago. The bill was approved 11-8 by the Senate Environment and Public Works Committee. [...]
The bill calls for the United States to cut carbon dioxide and other greenhouse gas emissions by 70 percent by 2050 from electric power plants, manufacturing and transportation.
It would create a “cap-and-trade” system whereby companies would have pollution allowances that they could sell if they went below the emission limits, or buy if they found they could not meet the requirements.