Saturday, April 4, 2009

$3.6T shopping spree!

The House and Senate approved largely identical versions of the President’s $3.6 trillion budget with hardly any cuts -- except in defense. The good news is they dropped the idea of taxing charitable giving and refused another $250B in bailout money.

Congress Approves Obama's $3.6 Trillion Budget

There was speculation last week that the Dem’s would have to choose between socialized medicine or cap-and-trade, but that no longer appears to be the case. A draft version of the “American Clean Energy and Security Act of 2009” is working it’s way through House committees.

House Democrats release draft energy, climate bill

The bill by Reps. Henry Waxman of California and Ed Markey of Massachusetts would establish a cap-and-trade program curbing U.S. emissions 20 percent below 2005 levels by 2020, with a midcentury target of 83 percent reductions of the heat-trapping gases. It also creates a nationwide renewable electricity standard that reaches 25 percent by 2025, new energy efficiency programs and limits on the carbon content of motor fuels, and requires greenhouse gas standards for new heavy duty vehicles and engines.

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