The Senate has taken up a bill that would cut U.S. greenhouse-gas emissions 71% by 2050, partly through a new carbon-allowance market estimated to grow into the trillions of dollars. Floor debate may be fierce, but it’s likely to be a short, early chapter in a legislative story that will certainly stretch into 2009. The bill needs 60 votes to avoid a filibuster and win passage. Even key supporters say that may prove elusive.
Gradual cut in greenhouse-gas emissions: 2020 level would be 19% below current mark; 2050 level would be 71% below current.