US Climate/GHG Cap-n-Trade Bill Stays Alive (so far) in Congress. Is it Too Gutted?

This week the Waxman bill moved out of committee in the House, but only after considerable changes in the bill.

The Economist notes bill is "weaker and worse than expected" with "handouts and loopholes." Criticism centers around giving away 85% of the allowances (permits to emit carbon) for free, rather than requiring firms to pay for them via an auction process.

Others argue a bill which begins to set a price on carbon is a step forward, and helps the US avoid international embarrassment at the Copenhagen meetings in December.