GOOD NEWS! Cap and tax may be dead - for now

Democrat Senators Kent Conrad and Byron Dorgan of North Dakota, Senator Blanche Lincoln of Arkansas and Ben Nelson of Nebraska say the Senate should abandon efforts to pass cap-and-trade this year.

Cap-and-trade legislation will require 60 votes to pass the Senate. According to Bloomberg, at least 15 of the Senate's 60 Democrats have said the House-passed version — the Waxman-Markey cap-and-trade tax climate change legislation — would hurt the economy and must be changed before they can support it. Most Republican Senators oppose the cap-and-trade measure.

The resistance by Senate Democrats Lincoln undercuts President Obama's plan to cap carbon dioxide emissions and establish a market for trading pollution allowances. A plan that presidential candidate Obama said will cause electricity rates to "necessarily skyrocket" and will bankrupt anyone who builds a coal-powered plant.

Does Obama's cap-and-trade tax, face the same fate as President Clinton's BTU energy tax, which died in the Senate?