WASHINGTON — The House Democrats’ bill to limit gases blamed for global warming would generate a fraction of the money President Barack Obama wanted to get from it to pay for a middle-class tax credit.
Leaders of the House Energy Committee officially introduced the 932-page legislation Friday. A vote on the measure is expected next week.
The bill would cap emissions from large industrial sources and distribute permits to companies to meet increasingly lower pollution targets.
Obama called for auctioning off 100 percent of the pollution permits, which would have raised nearly $650 billion over the next decade. House Democrats said Friday that they plan to auction 15 percent of the allowances to help lower- and middle-income families pay for higher energy bills.
