Senators seek compromise in cap-and-trade bill

Three senators are seeking to overhaul the broad cap-and-trade provisions in the Environmental Protection Agency’s climate bill, and instead suggest taking a sector-by-sector approach to cutting greenhouse emissions.

The current legislation mandates that companies buy and sell the right to pollute in order to cap and reduce carbon emissions.  However, the steel industry has complained about being grouped together with industries that produce higher levels of pollution, such as utilities.

Senators John Kerry, Lindsey Graham and Joseph Lieberman have worked on a bipartisan effort for months as an alternative measure to the climate bill passed in June 2009.