03 Aug '11, 1pm

Debt and (carbon) taxes: Obama’s last chance for climate redemption

Debt and (carbon) taxes: Obama’s last chance for climate redemption

Image: net_efekt One of the silliest headlines to come out of the debt ceiling postmortems comes from ClimateWire (sub req): Debt deal, promising energy budget cuts, appear to chill hopes for a carbon tax How exactly do you chill something that has been frozen near absolute zero? In fact, in my reading, the debt deal actually warmed up hopes for a carbon tax from those liquid helium temperatures to at least liquid nitrogen temperatures -- you know, around -321 degrees F. Why? Because it didn't include any revenue increases or reforms in the tax code. That means a grand bargain is still on the table. There are two things Republicans want more than anything else in the bargain, more even than actual debt reduction: extension of the Bush tax cuts for the wealthy, and a reduction in the corporate tax rate. And there is one thing Democrats will insist on as part of the post-201...

Full article: http://www.grist.org/energy-policy/2011-08-03-debt-and-ca...

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