IHS Chemical Week


Waxman-Markey Passed the House…Now What?

2:01 PM MDT | June 30, 2009 | By VINCENT VALK

The Waxman-Markey cap-and-trade bill passed the House last week, by a vote of 219 to 212. But the legislation isn't out of the woods yet. The Senate still needs to pass a version of the bill, and what with the filibuster and all, proponents will need to find 60 votes to get it through the World's Greatest Deliberative Body.

President Obama's allies in the Senate will face some stiff opposition, from Republicans, from industrial-state Democrats, and from industry itself – including ACC. The industry's lobbying group does not oppose the legislation, per se, but is engaged in a continual fight to increase the number of carbon credits given away for free (an aside: how will that fit into ACC's efforts to garner public favor for the chemical business? My guess is not very well).

Considering all this, it is perhaps better to look at the recent vote in the House as a test run for any sort of cap-and-trade legislation. The real battle is looming in the Senate, and the lines are starting to form.

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