An editorial in yesterday’s WSJ:

Despite the most creative rhetoric this side of ObamaCare, voters have figured out that “cap and trade” involves artificial carbon rationing and vast new energy taxes. So the main goal of John Kerry and Joe Lieberman has been attempting to disguise these truths in the climate bill they released to much fanfare last week.
The bill was nine months in gestation once it became clear that the version the House passed last summer—which one of five Democrats opposed—was doomed in the Senate. Yet no one should mistake Kerry-Lieberman for a new approach.
Jim Lucier, an investment analyst at Capital Alpha Partners, calls it the Mr. Potato Head bill. The cosmetic features can be rearranged, but it’s still a Mr. Potato Head. This is still cap and tax—except with new and larger subsidies, outright corporate bribes, and the rest of the political palm-greasing that Democrats hope can still lead to a Rose Garden ceremony this year.

The rest here.