California lawmakers are omitting Gov. Gavin Newsom’s proposal to rush the reauthorization of the state’s cap-and-trade program through the state budget due by the end of the month.
A $232 billion budget agreement announced Monday by top Democrats in the state Assembly and Senate would instead require the governor’s reauthorization plan be considered through regular legislative order.
The program requires a range of industries, such as oil refiners and certain manufacturers, to limit their emissions or buy allowances through auction sales. The system has generated about $31 billion over the last decade for programs ranging from housing to the state’s ...