Analysis: Why the Inflation Reduction Act passed the Senate but cap-and-trade didn't
Why the Senate passed the Inflation Reduction Act but not a cap-and-trade bill, according to three ex-lawmakers
But many factors converged to spell the cap-and-trade bill's demise, including the Great Recession and opposition from industry interests. After narrowly passing the House, it never got a Senate vote.on Sunday was nothing short of an astonishing feat — one that offers important lessons for the future of climate policy in the United States.
That's a major change from Waxman-Markey, which fell decidedly into the stick camp, prompting loud complaints from conservative groups and the fossil fuel industry. The conventional wisdom in Washington has also long held that a carbon tax — another stick — amounts to political kryptonite.
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