By SkySite Property staff

A proposed U.S. Senate bill that would regulate greenhouse gases was blocked after it failed to receive enough votes. The bill, sponsored by Sens. Joseph Lieberman (D-Conn.) and John Warner (R-Va.), sought to cut carbon emissions by 70 percent by 2050.

Though the bill would have generated $150 billion in its first year through the issuance of permits, opponents argued it would have a harmful effect on the economy.

"The president supports tackling the problem of climate change in a way that will be effective, meaning that it would actually reduce greenhouse gas emissions around the world in a way that would not harm our economy," White House spokesperson Dana Perino said.

Uncertainty surrounded the bill, mainly about who would receive the projected $3 trillion it would generate. The U.S. Climate Action Partnership—whose members include giants like GE, General Motors, Shell and Ford—debated whether the money should go to consumers, utility companies or government investments for new technology or tax cuts.