Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Lawmaker Raskin sees hope for U.S. climate legislation this year

Published 04/18/2022, 07:06 AM
Updated 04/18/2022, 10:36 AM
© Reuters. FILE PHOTO: U.S. Representative Jamie Raskin (D-MD) speaks during a candlelight vigil on the National Mall in observance of the first anniversary of the January 6, 2021 attack on the Capitol by supporters of former President Donald Trump, on Capitol Hill

By Richard Cowan

WASHINGTON (Reuters) - U.S. Democrats in Congress squabbling over how best to invest in the fight against climate change will forge a compromise in coming months that could be signed into law by President Joe Biden, Democratic Representative Jamie Raskin predicts.

Significantly, Raskin signaled that he and other liberals should be willing to compromise on the shape of such a package, although he gave no details on what those compromises might be.

"We should cut the deals that need to be cut," Raskin said, while "trying to build as large a coalition as possible."

A leading liberal in the House of Representatives, Raskin spoke on Thursday in an interview with Reuters, National Public Radio and The Guardian newspaper.

Work on a $1.75 trillion federal investment bill that included half a trillion dollars toward cutting fossil fuel emissions fell apart late last year, when conservative Democratic Senator Joe Manchin declared his opposition.

But signs are emerging of a slimmed-down "Build Back Better" bill, as Biden's Democrats seek to score legislative victories including on climate action ahead of congressional elections in November.

"We're disappointed that 'Build Back Better' as originally advanced in its entirety won't be going, but we're convinced that major chunks of it, including the $550 billion investment in renewable and safe energy, will find its way onto the floor of the House (of Representatives) and the floor of the Senate," Raskin said.

The original "Build Back Better" package included provisions to reduce emissions from the U.S. power and transportation sectors that together account for about half the U.S. greenhouse gases. Those provisions could include incentives for adopting renewable energy, electric vehicles or carbon capture technologies.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Passing even a slimmed-down version likely would require support from every Democrat in the Senate, which is evenly split between the Republican and Democratic parties, with Vice President Kamala Harris, a Democrat, holding the power to cast tie-breaking votes to secure victories for her party.

Despite Raskin's optimism, nothing is certain and negotiations could still fall short. To date, no Republican members have backed the legislation, making Manchin the best hope for passing any bill.

Congressional leaders will be keeping a close eye also on another conservative Democrat, Senator Kyrsten Sinema, who has raised objections in the past to parts of Biden’s domestic investment initiative.

In recent weeks, Manchin has indicated he could go along with a plan that makes climate change investments, paid for by raising tax revenues and lowering costs of prescription drugs covered by Medicare.

Aides to some Democratic lawmakers lately have also expressed confidence that lawmakers may be coalescing around a revised climate change bill.

Raskin's remarks were part of a broader conversation with reporters on U.S. climate policy and the democratic process – two topics in focus as Biden struggles to make good on pledges to cut planet-warming emissions.

Latest comments

Have you noticed the general appearance of the atmosphere becoming more orange yet ?? Yeah. It's happening.
Thanks
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.