Carbon Tax bill looks to squeak by in House vote

The heart of the bill, which now runs to 1,201 pages, is a plan to reduce emissions to 17 percent below 2005 levels by 2020. To do that, it would create a cap-and-trade system, in which polluters would be required to accrue buyable, sellable credits for all the greenhouse gases they produce.

But the bill also contains a system of caveats, safety valves and rule changes meant to satisfy unhappy Democrats. The result is legislation that could transform the U.S. energy industry -- and allow both Wall Street and the Corn Belt to build a side business in carbon.

Yesterday, Democratic leaders said they had gathered enough votes to win passage of the bill, which could be voted on today or tomorrow.

"Well, you never know until you take the vote, but we are making progress, and I'm very pleased,"  House Speaker Nancy Pelosi (D-Calif.) told reporters at her weekly news conference. Democratic leaders said the vote could yet be delayed to tomorrow by a backup of floor action or by worries that they did not have enough "yea" votes.

But any talk of confidence is a sign of a remarkable turnabout for Democrats.