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With a razor-thin margin of just seven votes, the House of Representatives on Friday evening passed the American Clean Energy and Security Act - the first bill to put a fixed and declining cap on U.S. greenhouse-gas emissions. Republicans and Democrats in the House spent much of the day sparring in sharp language over the bill, which will reduce U.S. carbon emissions 17% below 2005 levels by 2020 and 83% below by 2050. In the end, the vote of 219 to 212 included more than 40 Democrats who broke ranks with their party's leadership to vote against...
...bill's passage is a palpable victory for House Speaker Nancy Pelosi and President Barack Obama - who both made a last-minute push to snap wavering Democrats back in line - and a landmark for the environmental movement. "The American Clean Energy and Security Act is the most important environmental and energy legislation in our nation's history," said Fred Krupp, the president of the Environmental Defense Fund (EDF). "Today's vote is a huge achievement for the country and the climate." (Watch TIME's video: "The Truth About Wind Power...
...will require plenty of hard scientific research to bring down the price of renewables - they have to be competitive not just in the U.S., but in countries like India and China, which will emit the vast majority of new carbon emissions in the future. "This legislation will finally make clean energy the profitable energy," said President Obama before the bill's passage - but that doesn't seem to be the case...
...more than 1,200-page bill, known as the American Clean Energy and Security Act, would give away carbon credits to energy aggregators, producers, refiners and others - a financial boon worth more than $600 billion - to help offset costs for consumers. The Administration initially envisioned auctioning off the credits to raise money for green jobs and other Obama priorities, but that idea was met with stiff resistance from the business community...
...bill, including the Natural Resources Defense Council and the League of Conservation Voters, even if some groups feel that the measure is too weak. When Waxman announced the agreement in a press conference Wednesday, about 30 supporters wearing T shirts and carrying placards that read MAKE OUR ENERGY CLEAN, MAKE IT AMERICAN stood behind him. Still, the support of their groups remains tenuous. "It's not a perfect bill and we're concerned that the Senate might weaken the near-term emissions reduction caps," said Brenda Ekwurzel, a member of the Union of Concerned Scientists, holding a placard behind Waxman...