Joe Lieberman: “Senator Domenici raised a very important point and I want to engage on it. That is the question of how the allocations…”

“Senator Domenici raised a very important point and I want to engage on it. That is the question of how the allocations are set under the McCain-Lieberman proposal. Let's say, first, we feel strongly unless you have a cap, unless you have some limit, goal, for how you will reduce your greenhouse gas emissions, it is a phony. It does not work. We tried that in the 1990s and it did not work. That is why we need a cap and we have a market- based system. In our proposal it says you allocate emissions credits based on the amount of emissions in 2000 because that is the goal we want to get back to, and then you give the EPA Administrator the opportunity to make adjustments based on economic impact--maybe it is too hard for a particular industry or sector to do that. I hope we can engage the Senator from New Mexico--he is a leader here--as we go forward. When it came to the acid rain provisions on which this is based, when it finally came to a bill, Members of the Senate and the Congress pretty much stated what the allocations were going to be. They did not leave much room for administrative judgment by the EPA Administrator. To my friend from New Mexico, if this really matters to you, as I know it does, in the months ahead I will try to do exactly the same thing. I thank my friend from Arizona and I yield the floor. The PRESIDING OFFICER. The Senator from Arizona. Mr. McCAIN. Could I have the time situation? The PRESIDING OFFICER. The Senator has 19\1/2\ minutes. Mr. McCAIN.…”