In case you missed it, the rarely read Saturday New York Times carried an outstanding analysis of how climate policy factionalism is shaping up in the Obama administration. The climate team headed by Carol Browner favors prompt adoption of a tough cap-and-trade system for carbon. The economic team led by Larry Summers worries about near-term economic effects of making energy companies pay for the right to emit. Summers and other top members of the economics team have in the past preferred the idea of a carbon tax. Given Summersâ'' formidable determination and intellect, could a carbon tax come from behind and end up beating out cap-and-trade? Stay tuned.
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