It’s been a real scorcher this week in New York with temperatures in the 90s that feel like the low 100s.

Whenever the thermometer goes way up, people start mentioning droughts, melting glaciers, rising sea levels and what can be done to stop climate change.

President Obama recently said he will push for reductions in greenhouse gas emissions using executive powers, primarily through the Environmental Protection Agency. 

His proposals include limiting CO2 from existing power plants and those coming online in the future, as well as faster development of cleaner energy sources like wind and solar power.

Mr. Obama's goal is to cut emissions 17 percent from 2005 levels by 2020.

Not surprisingly, the president has his critics. Some have complained that it will be too expensive, that it will kill jobs and reduce U.S. competitiveness, that it's an unnecessary step and that it bypasses the legislative process.

This week on Money Talking, regular contributors Joe Nocera of the New York Times and Rana Foroohar of Time magazine weigh in on how American businesses are reacting to the President's proposals and whether they are likely to drive up the cost of fuel, energy and energy-efficient products like lights bulbs and refrigerators.

Plus, the larger issues raised by Thursday's bankruptcy filing by the city of Detroit.