A new bipartisan global warming “cap-and-trade” bill is being unveiled today by Sens. Jeff Bingaman, D-N.M. and Arlen Specter, R-Penn., and the sponsors are succeeding in getting the media to christen it with the coveted “middle ground” and “compromise” labels.

But “middle ground” always implies that the proposal would get the job done. Would it?

Not as currently written.