Congress is moving forward on legislation to dramatically reduce greenhouse gas emissions, but it could seriously damage the economy by increasing the costs of energy.

The legislation, called the Waxman-Markey bill after its two chief sponsors in the U.S. House, Henry Waxman, D-Calif., and Edward J. Markey, D-Mass., would impose a cap primarily on carbon emissions. Permits for emitting carbon would be auctioned by the government. Businesses could then buy and sell them among themselves ...

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