Will threat of recession cool prospects of passing global warming bill in Congress this year?

President Bush’s top environmental advisor warned that passage of the Lieberman-Warner global warming bill could cut GDP as much at 6.9% by 2050. Taking the worst-case scenario from the EPA’s analysis of what the cap-and-trade bill could cost, James Connaughton (who also represents the U.S. at international climate meetings) told E&E News PM this week he was concerned about the potential cost of the bill. He said such a reduction in GDP would be recessionary. Referring to possible “compliance costs of $1 trillion,” he said, “That’s unprecedented in the environmental area.” Well, yeah. But global warming is unprecedented. And what will the cost be if we don’t cut greenhouse gas emissions the amount scientists say we must? Floods, famine, drought, disease, rising seas and a few other little problems. And, by the way, what is the war costing? Environmental advisors aren’t what they used to be. (E&E News PM)