UPDATE: This bill has been pulled by Senate Democrats see CBS News story
Sources inside the U.S. Senate tell me that this cap and trade bill is “unofficially” defeated, based on a head count of likely votes. All that remains is a formal vote tomorrow, but sources say this bill has little, if any, chance of passing given what transpired today.
Sen James Inhofe, a sharp critic of the bill, issued a short press release tonight:
“This bill was doomed from the start,” Senator Inhofe said. “The committee process was short-circuited, the floor debate was circumvented and the amendment process was derailed. I do not see how the Democrats use this failed bill as any kind of model for future success.
As I suspected, reality hit the U.S. Senate when the economic facts of this bill were exposed. When faced with the inconvenient truth of the bill’s impact on skyrocketing gas prices, very few Senators were willing to even debate this bill.”
You can safely bet this bill will return in a new form next year.