The maneuvering surrounding the current climate change bill is getting very intense. I'm of two minds on this. On the one hand, the next President potentially has as many as six large bills to pass: climate change, health care, tax reform, Iraq, immigration, and labor law reform. Now, you don't have to go to Congress to change the Iraq policy, so let's strike that off the list. And unless we get 59 seats in the Senate, EFCA isn't going to pass (Specter voted for it in the current Congress and likes his AFL-CIO support). But still, four large bills is an awful lot; in his first two years, Bill Clinton expended tremendous energy and passed only three—the budget bill, the crime bill, and NAFTA. In the second two years, he passed a Republican version of welfare reform. So there's a powerful argument to at least get the ball rolling on climate change now so that the next President's plate is quite so overflowing, and if it turns out Warner-Lieberman isn't enough to forestall calamity, then we can ratchet down the CO2 targets in a decade or so.
On the other hand, the fact that Warner-Lieberman used to be called McCain-Lieberman before the Straight Talk Express broke down on the way to the Republican nomination is a powerful campaign issue. And it's almost certain that the 111th Congress would produce a climate change bill that was less coal-friendly and made a more vigorous effort to reduce CO2 emissions; even though a number of green-ish Republican Senators will retire or lose this cycle, there are still a few that will stick around who can get you to cloture. There's also more consensus among conservative elites about climate change, which will make it easier to bring pressure to pass a stronger bill in 2009. So there's a powerful argument for waiting as well.
A lot depends on what you think the prospects are for getting health care reform through the next Congress. If you think it can happen, then passing climate change now makes sense. If you think there's no way to get it done, then you might as well wait 'till next year. Since I'm pessimistic on health care, I guess I come down on the "wait" side; you might as well try to get a better bill and use Republican recalcitrance as an issue in the campaign.
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