Max Baucus: “the amendment I am filing to S. 3036, the Lieberman-Warner Climate Security Act of 2008, is aimed at preserving the…”

“the amendment I am filing to S. 3036, the Lieberman-Warner Climate Security Act of 2008, is aimed at preserving the legislative process. With an issue as complex and wide-ranging as climate change, there are several committees within the Senate that not only have an interest but a responsibility to deal with some aspects of the cap-and-trade system we develop. This amendment will assure that the appropriate committees of the Congress will have the opportunity to consider those aspects of a cap-and-trade proposal within their jurisdiction. Mr. President, the amendment I am filing to S. 3036, the Lieberman-Warner Climate Security Act of 2008, is designed to use the revenues generated from the auctioning of the greenhouse gas allowances for tax relief. A cap-and-trade system proposed in this legislation will generate billions of dollars. The Congressional Budget Office estimates that the Boxer substitute will generate $902 billion in revenues during the initial 10 years of the program. As chairman of the Finance Committee, I have a responsibility to direct Federal revenues to the purposes that the committee, initially, and the Senate, ultimately, consider in the best interest of the country.”