Climate bill in peril on Capitol Hill as lawmakers face consumer pressure over higher energy costs

In Washington, the climate bill which proposes a 20 percent gut in greenhouse gases by 2020 and an 83 percent cut by 2050, is running into stormy weather on Capitol Hill.

According to news reports, Republicans are opposed to the bill and numerous Democrats are queasy about the potential increase in consumer energy costs. House Majority leader Steny Hoyer told reporters that there is “not a consensus at this time,” but added “I think they can still get there,” when asked if the House Energy Committee would get a consensus on a bill and deliver it to the floor of the House before then end of May.

The Obama energy bill proposes a $650 billion auction of carbon credits to major polluters, with the majority of the funds flowing back to consumers in the middle class tax cut as an offset against higher prices that would be imposed by industries saddled with the costs.

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