CLIMATE SECURITY ACT OF 2008--MOTION TO PROCEED--Continued -- (Senate - June 03, 2008)
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Mr. KERRY. Mr. President, I listened to the Senator from Tennessee calling this bill a spending bill--in fact, an entitlement bill. I ask the Senator from Tennessee--I believe the Senator from Tennessee voted for farm subsidies. I believe the Senator from Tennessee voted for capital gains tax reduction. I believe the Senator from Tennessee voted for the oil and gas depreciation.
I would like to know from the Senator from Tennessee, if those are not subsidies, how he distinguishes incentives that change behavior that are market driven. You either take advantage of it or you don't. Nobody commands and controls. It is up to the individual company. Why is the effort to have a transfer of a payment that is an incentive for different behavior any different from any of those things for which the Senator from Tennessee has voted?
Mr. CORKER. Actually, I am glad the Senator from Massachusetts brought that up. That is the portion of cap-and-trade legislation that I believe is appropriate. Unfortunately, what this bill does is it takes in trillions of dollars and then pre-prescribes how that money is spent, going out into areas to people who have nothing whatsoever to do with emitting carbons. Twenty-seven percent of the allocations go out to entities in this country that have nothing whatsoever to do with emitting carbon. That is a huge unnecessary transference of wealth.
I would like to yield some time to Senator Domenici. I answered the question, and I would love to debate the Senator further on the floor. I know we have the Senator from Pennsylvania.