⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Obama opposes energy bill trade penalties-reports

Published 06/28/2009, 08:36 PM
Updated 06/28/2009, 08:40 PM
NYT
-

WASHINGTON, June 28 (Reuters) - U.S. President Barack Obama on Sunday called a House-passed climate change bill "an extraordinary first step," but spoke out against a provision that would impose trade penalties on countries that fail to cut greenhouse gas emissions.

"At a time when the economy worldwide is still deep in recession and we've seen a significant drop in global trade, I think we have to be very careful about sending any protectionist signals," Obama said in an Oval Office interview reported by The New York Times, the Los Angeles Times and The Washington Post.

"I think there may be other ways of doing it than with a tariff approach," Obama said.

The Democratic-controlled House on Friday passed the climate change bill that would require large U.S. companies, including utilities and manufacturers to reduce emissions of carbon dioxide and other gases associated with global warming by 17 percent by 2020 and 83 percent by 2050, from 2005 levels.

A top priority for Obama, the measure was approved by a 219-212 vote, with only eight Republicans joining Democrats in support of the bill. Republicans said the bill would neither effectively help the environment nor improve an economy reeling from a deep recession.

Obama dismissed the Republican criticisms and castigated opponents for "lying" about cost projections and "scaring the bejeezus" out of voters, the Los Angeles Times said.

Obama also accused Republicans of being stuck in a 1990s-era debate on energy when the American people "have moved forward" with concerns about climate change and hope for renewable power, the newspaper said.

Obama predicted similar energy legislation faced a difficult path through the Senate and would require additional compromises to win enough votes for passage, The New York Times reported. The article said Obama did not set a timetable for Senate action but called on the leadership to "seize the day."

An aide said Obama plans to announce new energy-saving standards for light bulbs this week to keep the focus on energy issues, the newspaper said. (Reporting by Joanne Allen)

Latest comments

Loading next article…
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.