Word: capped
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...with her, Smith had to stop and think about which gun she'd brought but finally said it was a Beretta .25 automatic. Her husband, Michael Houston, wore a Browning .380 in a holster. Their friends, Ted and Barbara Grant, were also carrying weapons. Barbara, wearing a NYPD baseball cap, had a Ruger .38 revolver, while Ted, who wore a ball cap with the National Rifle Association logo on the side and "Silver Bullet Brigade" on the front, had a Taurus .40 caliber automatic...
...important to understand what the climate-change bill does and doesn't do. The bill includes a raft of energy-efficiency provisions and a renewable-energy standard that will require 20% of all U.S. electricity to come from alternative sources by 2020. Chiefly, though, Waxman-Markey puts a cap on almost all of the greenhouse-gas emissions produced by the U.S. economy - everything from utilities to industry to transportation - setting a limit on how much carbon the country can produce. Industries are issued allowances each year that give them the right to emit a certain amount of carbon; they have...
...bill's opponents - Congressional Republicans, along with the oil industry and the National Association of Manufacturers, among others - say cap and trade amounts to a massive tax on U.S. energy, which mostly still comes from carbon-intensive fossil fuels like coal. That's partially true - the whole point behind cap and trade is to raise the cost of emitting carbon and drive investment in energy efficiency and renewable power. "No matter how you doctor it or tailor it, it is a tax," said Representative Joe Pitts, a Pennsylvania Republican...
...safety valves and offsets in Waxman-Markey to ensure the cost will be manageable. But that's the problem. To keep conservative Democrats on board - especially those in the coal-heavy Midwest and Southeast - Waxman and Markey allowed the bill to be watered down considerably, loosening the overall carbon cap and scaling back the renewable-energy standard. When the powerful farm lobby balked at the bill, it was changed to allow farmers to sell offsets from agriculture, such as no-till farming, which leaves carbon in the soil. Worse, oversight of the agricultural offsets was taken away from the Environmental...
Despite its many flaws, Waxman-Markey remains a legislative achievement, and even doubtful environmentalists hope to be able to strengthen it in the future if it becomes law - especially if Americans come to realize that cap and trade isn't the end of the economy. "No one looking at this three months ago would have estimated that we'd end up here," says Cochran. But if this is the most that is politically possible in America, we're in trouble, because climate change demands far more. "We are at an extraordinary moment, with a historic opportunity to confront...