Sep 01

The Wall Street Journal editorial board writes:

Health care isn’t the only destructive White House priority running into trouble in the Senate. Yesterday, Barbara Boxer (Marin County) and John Kerry (Nantucket) announced that Democrats won’t release their cap-and-trade bill next week as scheduled after all, but will instead postpone it for up to a month. It’s far too early to say that carbon tax and cap is dead, but mark this delay down as one more sign that it remains well short of 60 votes.

The House barely passed the Waxman-Markey climate bill in June, and only after weeks of arm-twisting and outright legislative bribery and at significant political cost to Blue Dog Democrats. The same tactics won’t be as effective in the upper chamber. In any case Ms. Boxer, Mr. Kerry and President Obama really have to convince Members of their own party, such as Kent Conrad (North Dakota), Jay Rockefeller (West Virginia) and Blanche Lincoln (Arkansas).

The latest delay is probably a submission to reality, which is a rare thing in the current political environment—and a major victory for the U.S. economy, at least for now.

A potential paradox here is that if cap and trade goes down in flames, it will be yet another political disaster for the Obama administration, and yet the unintended consequence may be that said failure will raise the odds of an economic recovery that Obama will shamelessly take credit for. But, the stain of the legislative failure will remain forever.

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One Response to “Wall Street Journal: Delay of cap and trade bill ‘a major victory for the U.S. economy, at least for now’”

  1. […] is ‘delayed and in disarray’.  “Hurrah” says the […]

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