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GIBSON: Senator Obama?



OBAMA: Well, I agree with Bill that I think a cap-and-trade system makes more sense. That's why I proposed it: because you can be very specific in terms of how we're going to reduce the greenhouse gases by a particular level.



Now, what you have to do is you have to combine it with a 100 percent auction. In other words, every little bit of pollution that is sent up into the atmosphere, that polluter is getting charged for it.



Not only does that ensure that they don't game the system, but you're also generating billions of dollars that can be invested in solar and wind and biodiesel.



I do disagree with one thing, though, that Bill said, and that is that on a carbon tax, the cost will be passed on to consumers, and that won't happen with a cap-and-trade.



Under a cap-and-trade, there will be a cost. Plants are going to have to retrofit their equipment. And that's going to cost money, and they will pass it onto consumers.



We have an obligation to use some of the money that we generate to shield low-income and fixed-income individuals from higher electricity prices.



But we're also going to have to ask the American people to change how they use energy. Everybody is going to have to change their light bulbs. Everybody is going to have to insulate their homes. And that will be a sacrifice. But it's a sacrifice that we can meet. Over the long term, it will generate jobs and businesses, and can drive our economy for many decades.