Why California’s cap and trade bill has so many holes

By LORI TEMPLEER SAN FRANCISCO — California’s cap-and-trade bill has passed the Senate with a wide margin and President Barack Obama has signed it into law.

The California House of Representatives passed the bill on Tuesday, along with an amendment to the state budget that would require that all emissions of carbon dioxide and other greenhouse gases be tracked.

California Gov.

Gavin Newsom signed the bill into law Wednesday.

The cap- and-trade legislation, which has already passed the Democratic-controlled Senate, would impose a statewide cap on carbon dioxide emissions that would then be traded on an open market, but critics have long been calling for the state to take a more aggressive approach to curb emissions.

Republicans say that the legislation would force California to rely on a federal fund to meet its emissions goals, which they say would increase the cost of living for Californians and hurt the state’s economy.

Critics say the bill would increase costs and increase the likelihood that states like California would see increases in greenhouse gas emissions as a result of the bill.

House Democrats have vowed to fight the legislation.