Updated at 7:47 a.m. on May 17.
Can the climate and energy bill introduced last week by Sens. John Kerry, D-Mass., and Joe Lieberman, I/D-Conn., garner enough votes to pass the Senate?
The two senators unveiled their comprehensive legislation without their Republican partner, Sen. Lindsey Graham of South Carolina. Under the bill, electric utilities would be required to buy emission allowances as soon as the trading program kicks in, while energy-intensive and trade-sensitive manufacturers wouldn't be covered until 2016. The bill would give coastal states the right to veto offshore oil and natural gas drilling. It also would pre-empt EPA and state regulations on greenhouse gas emissions and impose a carbon tariff on imports coming from countries that don't have an emissions reduction plan.
What measures would you like to see added to or removed from the bill? Will Graham's absence from the bill's rollout be detrimental to its prospects? How will the ongoing investigation into the gulf oil spill affect negotiations?
EPA Finalizes 'Tailoring Rule' On Greenhouse Gases
Last week the EPA issued final rules requiring large power plants, oil refineries and manufacturers to cut their greenhouse gas emissions. The so-called tailoring regulation, which most industry officials oppose, would not kick in until early next year.
Now Sen. John Kerry, D-Mass., is arguing that the Senate should help the business community by passing the climate change bill, which would block EPA action. "Those who have spent years stalling need to understand: Killing a Senate bill is no longer success," Kerry said in a statement. "And if Congress won't legislate a solution, the EPA will regulate one."
Will the rule pressure senators and interest groups to support the bill? Or will it trigger additional backlash against both the administration and proponents of the bill?