On the recordJune 3, 2008
This bill has a purpose, and the purpose is to reduce the carbon pollution that causes global warming. Why are we doing it? We are doing it because we want to turn this country and this planet over to our children and grandchildren and those who follow them in a better, safer condition than it will be if we just let global warming go unchecked. There have been a lot of things that have been blamed on this bill today: Gas prices, which got pretty high without this bill being adopted because it has not been adopted. The response has been given to that. Tax increases. These are not tax increases. We rejected a carbon tax. This is the result of a market where businesses exercise choice. They can either reduce their carbon emissions below the cap, in which case they have some credits to sell or, if they cannot do it, they will go back out in the market, of their own choice, and buy some at auction, and that creates the revenue which we then refunnel.
Source
govinfo.gov




