Cap and Tax Dead (for now)

Senate Democrats have pulled the massive climate reform bill off the table, admitting that they don't have enough votes to get the measure passed.

This is obviously great news, as the measure would have created huge new energy taxes on Americans and businesses. And since the evidence continues to mount against the existence of man-caused global warming, one has to wonder what the bill would have accomplished.

Laughably (and predictably), Senator Harry Reid blamed Republicans for blocking the bill. That line has gotten so old, you have to wonder why the Democrats keep trotting it out. Here, the Democrats were themselves divided over the bill.

But, Obama's second-biggest policy goal behind healthcare is not totally dead. As Charles Krauthammer warns, beware a lame-duck Congress if Republicans do take control in November. With nothing to lose for many of thos voted out of office, the time may come to go out in a blaze of liberal glory, passing cap and tax and a host of other far-left goals.

But, that is far down the road. And for the moment, we can appreciate the fact that Obama's political capital is so low, he cannot pass one of his signature initiatives.