According to Greenwire, no:

After all, didn’t Sen. Lindsey Graham say so? The South Carolina Republican’s recent remarks — or snippets of them — have ricocheted around Capitol Hill and beyond in recent weeks, lending momentum to the notion that the congressional effort he is helping lead no longer plans to implement a system that requires companies to buy and sell emission credits.
But Graham’s remarks appear to be more political than substantive. Indeed, cap and trade remains very much a part of the debate on what legislation will look like when the closed-door negotiations are finished.
Graham was quoted Saturday in The Washington Post telling environmentalists “cap-and-trade is dead.” The New York Times carried a similar quote in January that the senator later clarified, explaining he was referring to the large-scale, House-passed climate bill and a Senate counterpart approved by the Environment and Public Works Committee (Greenwire, Jan. 27).
In fact, Graham remains committed to putting a price on carbon emissions. And the proposal he is working on with Sens. John Kerry (D-Mass.) and Joe Lieberman (I-Conn.) is likely to utilize the cap-and-trade mechanism when it comes to the electric utility industry, and later to manufacturers.

The rest here.