Some really good points are made here. It's unlikely you will see them anywhere other than WSJ.
The United States is about to put itself at a huge competitive disadvantage under Waxman-Markey. First, the bill is 648 pages. In draft. That may mean double that number before it's said and done. Any bill that large can't be good. Just looking at the Table of Contents, one can see that a huge centrally-planned energy program is envisioned. With a no-doubt huge bureaucracy to regulate it. A quick glance shows regulation of light bulbs. Really? Is this what Federal Government is for?
In Sec. 311, the bill references the IPCC studies on (alleged) AGW. Go to your favorite search engine and type "debunk IPCC". Read several of the hits to understand why many of us are skeptical that (alleged) AGW is happening at all.
Further, even the EPA says any actions taken will do little do reverse any (alleged) warming trend. (read page 4 of the testimony) Never mind that there has been no warming in the last ten years and many studies show a cooling trend.
Waxman-Markey is a bad idea. Both Waxman and Markey have been opponenets of any energy solution that is not wind or solar. Markey is said to be a "critic" of nuclear power, but fact is, he will never accept nuclear. He's been that way for 30 years and will continue to be so. Both are vocal opponents of "Big Oil". I won't sully myself by going to the Lefty blogs. Just do a search and you will find it.
Adoption of any kind of scheme like Waxman will do nothing to combat (alleged) AGW while taxing us all into poverty in the dark and cold.