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The New York Times reported yesterday that Senate Finance Committe Chairman Max Baucus (D-Mont.) has "serious reservations" about the Kerry-Boxer cap-and-trade bill. Baucus wants to to lower the bill's 2020 target for greenhouse gas emissions and has also wants to attach pre-emption language to the bill that prevents the EPA from implementing the Supreme Court's 2007 decision opening the door to new greenhouse gas emission standards.

"We cannot avoid a first step that takes us further away from an achievable consensus from common-sense climate change legislation," the NYT quotes Baucus as saying. "We could build that consensus here in this committee. If we don't, we risk wasting another month, another year, another Congress, without taking a step forward to our future."