Now that the House has passed the Waxman-Markey bill by a vote of 219-212, the Obama Administration is pressuring the Senate to follow suit (link to MSNBC article). Describing the bill passed by the House as good, but not perfect, Senate Majority Leader Harry Reid says he wants to take up the legislation by the fall. This controversial bill is being portrayed as a job creator by many Democrats and the Obama administration, and as an energy tax that could slow the economy by many Republicans. If passed, it is designed to cap greenhouse gas emissions at 17 percent of 2005 levels by 2020 and at roughly 80 percent by 2050. The bill mandates a new renewable electricity standard and establishes new national building codes. It will create a trading market for companies to buy and sell the right to emit carbon dioxide and other gases. But, it makes concessions to agribusinesses such as ranching and farming by giving the Department of Agriculture a greater role and additional allowances. The Obama Administration has said it wants to have Congress on the record as having voted to impose mandatory reductions in greenhouse gas emissions before a round of international climate talks in December in Copenhagen.