The Waxman-Markey bill passed the House by seven votes. It will be mucher closer than that if and when the 100-member U.S. Senate votes on their version of this bill. Every carbon-conscious lobbyists and arm-twister in D.C. is already at work. Today the man with the bully pulpit released his radio address specifically asking Senators to support the legislation. Said President Obama, "Don't believe the misinformation out there that suggests there is somehow a contradiction between investing in clean energy and economic growth. It's just not true." Besides cap and trade for carbon dioxide polluters, this humongus mound of verbiage--if enacted--would: 1) destroy the economy according to its anti-tax enemies, 2) launch a spate of new coal and nuclear plants according to strict environmentalists, or 3) be a step in the right direction according to many supporters. One thing is certain: this bill would be the first American move to cap greenhouse gas emissions that trigger global warming. As now written it would limit emissions at 17 percent below current levels in 2020, 42 percent in 2030 and 83 percent in 2050. Here's an attempt to summarize some of the major effects a law like this would have. The Senate will begin work on their version of an energy/pollution bill after the Fourth of July holiday.