Reuters ahead with news Obama’s budget omitted billions in revenues to fight climate change.

Reuters broke news on Feb. 1 with a source saying Obama`s budget omitted $646 billion in revenues from a planned cap and trade system to fight climate change. The story, citing an administration official, reached clients four hours before the Obama budget was published, forcing other news organizations to scramble to catch up. The news was relevant to carbon and energy markets looking for signals on where U.S. climate legislation will go and how it will affect the CO2 trading in the longterm. The story generated many calls to the White House, which had to switch into damage control, saying Obama still supported a market mechanism on climate, despite the signals sent by the revenue omission. The Reuters story was quoted by leading environmental websites.