26 May '11, 9pm

Bombshell: High and rising price for carbon pollution emerges as credible deficit reduction strategy

The Peter G. Peterson Foundation funded six groups from across the political spectrum to put forward plans addressing our nation's fiscal challenges. All the plans are here . The Center for American Progress (CAP) plan, "Budgeting for Growth and Prosperity " [PDF], brings the deficit below 2 percent of GDP within six years and fully balances by 2030. The CAP budget does so while boosting clean energy research and deployment funding roughly $10 billion a year -- and instituting a high and rising CO2 price. The plan achieves the CO2 reduction targets from the 2009 House climate and clean energy jobs bill (Waxman-Markey): A 42 percent cut (from 2005 levels) by 2030, and a 83 percent cut by 2050. The CAP plan does not specify whether the carbon price would be instituted as a tax or some sort of trading mechanism. Lower income groups are protected from the impact of higher ener...

Full article: http://www.grist.org/climate-policy/2011-05-26-bombshell-...

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