Actual emissions caps would be set to account for different air quality needs in the East and West.

The emissions caps under these permits will be significantly lower than the existing regulations would require.

This approach provides perhaps a better technique for isolating the actual costs of the emissions caps.

The bill also allows the Governor to suspend the emissions caps for up to a year in case of emergency or significant economic harm.

One possibility is that he genuinely thinks such a concession will win Republican votes for some kind of emissions cap.

Even though trading is thin everywhere, prices are far higher in Europe, where government-mandated emissions caps begin taking effect next year.

The emission cap, for instance, is higher than Parliament proposed, while the auctioning percentages are lower.

If he chose to, he could look to the European Union's work on emissions caps.

That suggests that some version of an emissions cap may eventually win White House support.

Doing so would raise money to subsidize low-income ratepayers and otherwise offset higher costs caused by the emissions caps.