http://www.mcclatchydc.com/227/story/31052.html . . .
When McCain introduced his latest version of a cap and trade plan in January 2007, he warned: "Just as there is danger in doing too little, there is peril in going too far, too fast, in a way that imposes unsustainable costs on the economy."
His 2007 bill would reduce U.S. greenhouse-gas emissions by about two-thirds of 2004 levels by 2050. The Lieberman-Warner plan would reduce them by about 70 percent from 2005 levels by 2050. Scientists have said that global emissions must decline sharply for the world to have a chance of avoiding dangerous climate dislocation, including a decline of 80 percent from 2000 levels by midcentury in the United States and other developed countries.
McCain's approach to containing costs would be to allow short-term increases in emissions during periods of economic distress as long as they'd be made up later, Holtz-Eakin said.
McCain also said in 2007 that limiting greenhouse gas emissions must be "based on sound science" and "produce necessary outcomes."
One big change that he'd like to see in the Lieberman-Warner bill is more explicit support for nuclear energy.
Sen. Barbara Boxer, D-Calif., who'll oversee the Lieberman-Warner bill as the chairwoman of the Environment and Public Works Committee, said it was important that McCain and Democratic contenders Hillary Clinton and Barack Obama supported the idea of a cap and trade system to reduce emissions. "This is the wind on our back," Boxer said.
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