US House puts climate bill on quick pace for passage

*House committees given deadlines to pass legislation

*Senate getting ready for its crack at a bill

By Richard Cowan

WASHINGTON, June 3 (Reuters) - Democratic leaders in the U.S. House of Representatives have put major environmental legislation on a fast-track, boosting chances a climate change bill will pass this month or next, leading lawmakers said on Wednesday.

On May 21, the House Energy and Commerce Committee approved a bill requiring reductions of industrial emissions of carbon dioxide and other greenhouse gases of 17 percent by 2020 and 83 percent by 2050, from 2005 levels.

The climate change bill, along with healthcare reform, are top priorities of President Barack Obama, and House Democrats hope to approve both initiatives before an August recess.

The legislation would mark a major change in U.S. policy from the previous administration of President George W. Bush and a victory for activists seeking to put the brakes on what they fear is accelerating global warming that could induce more severe flooding and droughts and the melting of polar ice.

But it is a delicate balancing act for Obama, who must weigh the environmental benefits against the expected costs new legislation would bring to both consumers and businesses in an economy still trying to fight its way out of recession.

Pushing ahead after the Energy and Commerce committee's action, House leaders are placing strict deadlines for other panels to review the controversial legislation in the hope of passing it quickly in the full House.