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Proposed EPA Finding that CO2 is a Threat to Public Health.

Supreme Court cases do have consequences. From the AP:

The White House is reviewing a proposed finding by the Environmental Protection Agency that global warming is a threat to public health and welfare.

Such a declaration would be the first step to regulating carbon dioxide and other greenhouse gases under the Clean Air Act and could have broad economic and environmental ramifications. It also would likely spur action by Congress to address climate change more broadly.

The White House acknowledged Monday that the EPA had transmitted its proposed finding on global warming to the Office of Management and Budget, but provided no details. It also cautioned that the Obama administration, which sees responding to climate change a top priority, nevertheless is ready to move cautiously when it comes to actually regulating greenhouse gases, preferring to have Congress act on the matter.

The Supreme Court two years ago directed the EPA to decide whether greenhouse gases, especially carbon dioxide from burning fossil fuels, pose a threat public health and welfare because they are warming the earth. If such a finding is made, these emissions are required to be regulated under the Clean Air Act, the court said.

"I think this is just the step in that process," said White House Press Secretary Robert Gibbs, noting the Supreme Court ruling. Another White House official, speaking anonymously in deference to Gibbs, predicted "a long process" before any rules would be expected to be issued on heat-trapping emissions.

But several congressional officials, also speaking on condition of anonymity because the draft declaration had not been made public - said the transmission makes clear the EPA is moving to declare carbon dioxide and other greenhouse gases a danger to public health and welfare and views them as ripe for regulation under the Clean Air Act.

Such a finding "will officially end the era of denial on global warming," said Rep. Ed Markey, D-Mass., whose Energy and Commerce subcommittee is crafting global warming legislation. . . .

Many business leaders argue - as did President Bush - that the Clean Air Act is ill suited to deal with climate change and that regulating carbon dioxide would hamstring economic growth.

"It will require a huge cascade of (new clean air) permits" and halt a wide array of projects, from building coal plants to highway construction, including many at the heart of President Barack Obama's economic recovery plan, said Bill Kovacs, a vice president for environmental and technology issues at the U.S. Chamber of Commerce. . . .

An internal EPA planning document that surfaced recently suggests the agency would like to have a final endangerment finding by mid-April. But officials have made clear actual regulations are unlikely to come immediately and involve a lengthy process with public comment.

Gibbs, when asked about the EPA document Monday, emphasized that "the president has made quite clear" that he prefers to have the climate issue addressed by Congress as part of a broad, mandatory limit on heat-trapping emissions.

For the last two weeks, I had been assuming that Congress was unlikely to enact cap-and-trade, but I had forgotten that the EPA, if it wanted to, might write a regulatory scheme involving caps, without necessarily involving any trading.

David Kreutzer's analysis of the economic effects of cap-and-trade differs from that of the Obama Administration's: a $5 trillion loss in GDP and a loss of 800,000 jobs.