less than the number of metric tons of carbon dioxide emitted in the United States in 2005, (vi) 2045 shall be equal to 70 percent less than the number of metric tons of carbon dioxide emitted in the United States in 2005, and (vii) 2050 shall be equal to 80 percent less than the number of metric tons of carbon dioxide emitted in the United States in 2005. (3) Reports (A) Calendar year 2048 In 2048 the Secretary, after consultation with the Administrator, will submit a report to Congress making recommendations concerning the program established under this subtitle for years after 2050, including the quantity of carbon permits to be established and any reductions that may be necessary to ensure a healthy climate. (B) Averting catastrophic climatic impact The Secretary shall report to Congress if the Secretary, after consultation with the Administrator, determines the emissions reductions targets under this subsection should be revised in order to avert catastrophic climate impacts. Such report shall include recommended revisions to the existing emissions reduction schedule and the basis for those recommendations. (c) Identification numbers The Secretary shall assign to each carbon permit established under subsection (a) a unique identification number that includes the vintage year for that carbon permit. (d) Legal status of carbon permits (1) In general A carbon permit does not constitute a property right. (2) Termination or limitation Nothing in this subtitle or any other provision of law shall be construed to limit or alter the authority of the United States, including the Secretary acting pursuant to statutory authority, to terminate or limit a carbon permit. (3) Other provisions unaffected Nothing in this subtitle relating to carbon permits issued under this section shall affect the application of any other provision of law to a covered entity (including the Clean Air Act), or the responsibility for a covered entity to comply with any such provision of law. Regional and State greenhouse gas initiatives are