They're off and running in the race to enact a national climate bill-"they" being two rival horses in the race: carbon tax and cap-and-trade.rnLegislation tak-rning shape in Congress this year will seek to limit carbon dioxide (CO_2) emissions by putting a price on a waste product that hitherto has been disposed of for free.rnThe price will be set either directly (through a tax on CO_2 emissions) or indirectly (by instituting an emissions cap and requiring emitters to submit one emissions allowance for each ton of allowed emissions). Allowances could be distributed freely or auctioned to emitters.
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