For those unfamiliar, this is a scheme backed by global warming alarmists such as Nobel Laureate Al Gore designed to place prohibitive taxes on emitters of that dastardly carbon dioxide.
Most rational economists not under Gore's influence believe such a plan would have a devastating effect on our economy, and would likely force companies to continue exporting manufacturing jobs to countries like China and India which don't have such business unfriendly practices.
Fortunately, according to Stephanopoulos, this idea has been scrapped for the time being (h/t Hot Air):
As the Wall Street Journal and Washington Post have reported, House Democrats (backed by the White House) plan to write a budget resolution that allows health care to be passed by a simple majority (through the so-called "reconciliation" process) if a bipartisan compromise isn't reached by September.
Cap and trade will not get the same budget protection, and there are nowhere near 60 votes for it. Keeping it out of the reconciliation process recognizes reality: Congress can't pass it in the middle of a recession.
This is marvelous news for climate realists the world over, for the longer we go without cap and trade, the less interested Americans will be in supporting such given the cooling the planet has seen since 1998. And, as even the warmers agree that this trend is likely to go several more decades, the window of opportunity for the Gorebots is beginning to close.
I hope that makes YOUR Saturday better, for it sure did mine.
Also pleasing is Ed Morrissey's take on what this means for the Democrats' hopes for a universal healthcare program passing this year:
Stephanopolous notes that Democrats in the House made this choice, but it’s really all about the Senate. Obama thinks he can get a few moderate Republicans to go along on health care reform, probably more than just the Porkulus 3, if he steers a centrist course. Cap-and-trade has problems even among Democrats, especially in the Rust Belt and in coal-producing areas, and its impact on the economy makes it a non-starter in this session of Congress.
Even the health-care effort will get curtailed, likely as a result of the massive government spending already undertaken by Democrats this year. Instead of moving forward with a comprehensive plan to socialize the health sector, Obama wants to work around the edges this year. Obama has apparently learned that lesson from Hillary Clinton’s abortive attempt to nationalize the health sector in 1993-4.
That may put off the rest of his reforms until 2011, though. Obama will not want to impose a nationalized system in an election year, especially if he’s performing as badly then as he has in the last two months. Republicans are already licking their chops for the midterms, and a major socialist initiatitve will be exactly what they need to compete for control of the House. That probably pushes cap-and-trade to 2011, too.
Nice! Somebody pass the beer nuts!
