The Wall Street Journal reports this morning that George Bush and other top officials from his administration, including Treasury Secretary Henry "Hank" Paulson, are exploring a range of options to address climate change. These options may, according the WSJ article by John D. McKinnon, include "some form of economy-wide emissions caps."
The administration has long been opposed to caps, which helped lead to its position on the Kyoto Protocol, citing their opinion that emissions limits would hurt the U.S. economy while giving greater emissions freedom to developing powerhouses such as China and India.
Mr. Bush and his administration seem to be coming around. In May, the President promised to seek an agreement on greenhouse gas reductions on the international stage. Increasing pressure from industry, Congress, and pending international negotiations may be behind the conversion, along with growing concern about what some see as the inevitably of a cap-and-trade system.
Read the full article (registration may be required): WSJ Bush Cap