CO2 tax in jeopardy, market soars

The president is giving away the farm to globalists, but the market is soaring today. What gives? Openmarket.org:

The market may also be getting a boost from the Senate’s earlier vote undercutting the Obama Administration’s proposed $2 trillion cap-and-trade carbon tax, which would impose burdens on the economy akin to Herbert Hoover’s disastrous 1932 Revenue Act at the beginning of the Great Depression.

The Senate today overwhelmingly approved an amendment to the fiscal year (FY) 2010 budget resolution (S. Con. Res. 13) that would prohibit a future cap-and-trade initiative aimed at reducing greenhouse gas emissions from causing higher electricity rates and gas prices for U.S. households and businesses. "The increased utility and fuel costs that would result from cap-and-trade legislation, as proposed by President Obama, would equate to a national sales tax on energy that would affect every family in America," said Sen. John Thune (R-SD), the amendment's sponsor, following the 89 to 8 vote on his proposal. The Senate also adopted a proposal by Sen. Barbara Boxer (D-CA) -- largely on party lines -- requiring that revenues obtained from upcoming global warming legislation be used to refund consumers for the price hikes via tax rebates. Boxer's amendment is based on legislation introduced by Sen. Bernie Sanders (I-VT) during the previous Congress.

Hmmm. Maybe that whole checks and balances thingy still works.

UPDATE: Not so fast.