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WASHINGTON (Reuters) - President Barack Obama's budget includes hundreds of billions of dollars in revenues from a greenhouse gas emissions trading system, an administration official said on Wednesday.
The revenues from the system would be spread out over many years starting in 2012, the official said.
Obama wants to help fight climate change by capping emissions of greenhouse gases such as carbon dioxide, or CO2, from big industries and allowing them to trade rights to pollute. Such systems are commonly called "cap and trade."
The net job losses from S. 2191 are estimated by Charles River Associates to be 1.2 million to 2.3 million by 2015. Some of these jobs will be lost for good, due to the impact of higher energy costs on economic activity. Others, chiefly in the manufacturing sector, will be sent overseas. In the very likely event that S. 2191 significantly raises domestic manufacturing costs and that developing nations refuse to impose similar restrictions, the American economy could experience a substantial outsourcing of manufacturing jobs to those nations with lower energy costs.