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In a narrow victory late Friday, the House passed, H.R. 2454:American Clean Energy and Security Act of 2009, otherwise known as the Waxman/Markey Bill. The bill passed 219/212 vote.

The bill now moves on to the senate where it will hopefully pass as well.

Many of the GOP would have you believe that this bill is a “Cap and Tax” bill instead of being “Cap and Trade” bill. The are using scare tactics, telling everyone that their energy costs are going to go way up. Factcheck looked into their $3100.00 claim and found it to be full of holes.

Obama discusses the bill in his weekly web address.

So what does the bill really contain? Well, If your smart you won’t take the GOP’s word for it, you’ll go read the bill yourself. Summary | Full Text

Here are some highlights… (from MSNBC)

Bill basics

— Reduce greenhouse gases by 17 percent from 2005 levels by 2020 and 83 percent by 2050 through a cap-and-trade program.

— Limit emissions from major industrial sources. Emissions from agriculture would be excluded from the cap.

— Control carbon dioxide from the burning of fossil fuels and limiting six other greenhouse gases.

— Allow companies to meet emission-limiting targets by investing in offset projects such as tree planting and forest protection.

— Require electric utilities to produce at least 12 percent of their power from renewable sources such wind and solar energy by 2020, and require as much as 8 percent in energy efficiency savings.

— Impose tighter performance standards on new coal-fired power plants and provide $1 billion a year in development money for capturing carbon dioxide from such plants.

— Establish standards that require new buildings be 30 percent more energy efficient by 2012 and 50 percent more efficient by 2016.

— Protect consumers from rising energy costs by giving rebates and credits to low-income households.

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