"It's An Optimistic Calendar"

Bradford Plumer on what Obama's budget means for climate change:

The White House is assuming we'll have a cap-and-trade system up and functioning by 2012, which might be feasible if Congress finalized legislation this year or early next, though we're talking breakneck speed. ("It's an optimistic calendar," one official admitted.) The proposed cap would aim to slash U.S. greenhouse-gas emissions 14 percent below 2005 levels by 2020, with an 83 percent cut by 2050. Officials were quick to note that the conversation on this "was just beginning," but that may not entirely placate green critics, because those targets are actually fairly timid. Indeed, recent climate science suggests we should shoot for a 20 percent cut below 1990 levels by 2020a far steeper reduction than Obama's contemplating.

James Pethokoukis looks at the downside.