Energy & Commerce Committee Chairman Henry Waxman says his Committee will take up comprehensive climate change and energy legislation next week. The announcement follows days of meetings with fellow Democrats in an attempt to reach an agreement on a number of issues. One of the agreements reached is to cut emissions 17 percent from 2005 levels by 2020. Despite the change in short term targets, the long term targets will remain the same. An agreement was also reached on emissions allocations. Although details of the allocations remain sketchy, it appears that 35 percent of the credits will be given away for free to the electric utility industry. The actual text of the legislation is not expected to be released until today. Despite reaching agreements on some of the debated topics, some of the moderate Democrats on the Committee are still hesitant to provide their full support to the bill.