Three key senators are engaged in a radical behind-the-scenes overhaul of climate legislation, preparing to jettison the broad "cap-and-trade" approach that has defined the legislative debate for close to a decade.
The sharp change of direction demonstrates the extent to which the cap-and-trade strategy -- allowing facilities to buy and sell pollution credits in order to meet a national limit on greenhouse gas emissions -- has become political poison. In a private meeting with several environmental leaders on Wednesday, according to participants, Sen. Lindsey O. Graham (R-S.C.), declared, "Cap-and-trade is dead."
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