Drum's pitch for the climate bill:
[H]ere's what I think is the overriding reason to support W-M despite its flaws: even if it's weak, and even if the rest of the world doesn't join in immediately, it starts to align incentives in the United States in favor of inventing and deploying green technologies. (Ditto for the ETS cap-and-trade system in Europe.) And that's critically important: it's in the advanced economies of the world that new green technologies will be invented. And it's in the advanced economies of the world that existing green technologies will be proven to work on a wide scale. Once that happens once the technologies are proven and economies of scale start to bring down their costs the rest of the world will start to adopt them too. W-M, in its final form, may not be a strong bill, but by raising the price of carbon even a little bit, it makes the development and deployment of green tech far more likely in the United States, and therefore, far more likely on a global basis too.
Fallows reports that we are already behind the curve.