In short, this bill (sponsored by Joe Liberman) poses big challenges to the Senate because of higher energy cost, slower economic times and higher gas prices. It’s likely the Senate will be unable to agree on any legislation to curb global warming initiatives without severely crippling so many who depend on coal, oil and natural gas without increasing higher energy costs even more. Not to mention, all the other high priority spending that is needed. It’s safe to say this bill will be scrapped. Several GOP member are promising a filibuster on the bill.

A Washington Times article states

Legislation set for Senate debate Monday would require a reduction in carbon dioxide and other greenhouse gases from power plants, refineries, factories and transportation. The goal is to cut heat-trapping pollution by two-thirds by midcentury.With gasoline at $4 per gallon and home heating and cooling costs soaring, it is getting harder to sell a bill that would transform the country’s energy industries and _ as critics will argue _ cause energy prices to rise even more.

The bill’s proposal states

would cap carbon dioxide releases at 2005 levels by 2012. Additional reductions would follow annually so that by 2050, total U.S. greenhouse emissions would be about one-third of current levels.

But at what cost? Many lawmakers are sounding the alarm that the ambitious plan would move too fast in the face of existing technology that would need to expand in order to replace fossil fuel. In the meantime, energy prices would soar and potentially cripple the country and the economy.

Senator McCain has not said if he would support the bill. He favors a less ambitious plan and a cap-and-trade approach.