The Cap and Trade Bill has been put on the back-burner in the Senate, and will not be taken up in committee until after the Congressional August recess. Barbara Boxer, who had originally pledged to wrap up the committee work before the recess, has changed her tune (possibly because Robert Byrd has announced that he will not support it in its current form?).
This is a blow for Obama who wanted Cap and Trade to be achieved as soon as possible, to put a victory in his cap. By September, who knows where Obama’s approval numbers will be, but I suspect that if the economy doesn’t show signs of improving by then, he will have used up most of his political capital without accomplishing his major initiatives.
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