Fact Sheet: The Boxer-Kerry Climate Change bill.
Purpose: The bill aims to cut greenhouse gas emissions by 83 percent by 2050 and 20 percent over the next decade from 2005 levels.
Method: The bill would set up a market for pollution permits and auctions off 15 percent of the allowances each year through 2029 before increasing to 18.5 percent after 2029. The auction revenue would be distributed to different areas, including 6.6 percent beginning in 2026 for direct rebates to consumers to help them deal with higher energy bills. The direct rebates eventually top 50.8 percent of the auction revenue by 2035.
Cost: It would cost the average U.S. household about $100 per year, according to an analysis by the Environmental Protection Agency.
Criticism: Republican lawmakers are demanding a more thorough economic analysis of the measure. They argue the bill will raise energy prices and cause job losses.
Next step: The legislation will be merged with legislation written by at least five other Senate panels. The House narrowly passed its version of the bill in June.