Podesta-led think tank warns against ‘energy-only’ bill

“This is a stark contrast to proposed global warming legislation, which would actually generate enough revenue to reduce the deficit, prevent major price increases on consumers, and still invest in clean energy technologies. These bills would generate billions of dollars in revenue from the auction of ‘pollution allowances’ that the largest emitters must hold for every ton of greenhouse gas pollution emitted annually,” Weiss adds.

He notes Congressional Budget Office projections that the sweeping climate change and energy bill the House approved last year would cut the deficit by $24 billion.

The group is led by John Podesta, who was White House chief of staff under President Bill Clinton and also co-chaired President Barack Obama’s transition team.