Senate Shelves Efforts to Cap Carbon Emissions

The U.S. Senate is shelving efforts to pass legislation that would limit emissions of heat-trapping gases linked to climate change, dealing a major blow to one of President Barack Obama's top priorities. Senate Majority Leader Harry Reid (D., Nev.) said Thursday that neither he nor the White House had persuaded 60 senators to support even a limited proposal seeking to restrict emission from electric-power companies. Mr. Reid offered no timetable for action on such a bill, but said Democrats would continue trying to build support for such legislation. Mr. Reid said the party's leadership will push instead for more limited legislation, aimed at holding oil giant BP PLC "accountable" for the Gulf of Mexico oil spill. Specifically, he said the measure would include a provision to remove the cap on economic damages paid to residents and small businesses by oil companies after oil spills. Mr. Reid said the bill would also include incentives to encourage the production and purchase of vehicles fueled by natural gas, and to fund various land and water-conservation programs...more