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A little about that. steve, so is this really a regulatory agenda? i don't think that cap and trade, the old program can pass even a democratic senate. it couldn't the first time when they controlled everything. >> yeah, there's a reason that president obama almost never mentioned the words climate change and cap and trade during the the campaign, paul, because they're political losers, they're big tax increases on workers, on union workers, on manufacturing workers, and so, the democrats have avoided that issue now that they've won this election, they've sort of sprung it on people and i don'...

Now. >> we will respond to the threat of climate change, knowing the failure to do so would betray our children and future generations. >> paul: welcome to the journal editorial report, i'm paul gigot. that was president obama in his inaugural address monday, promising to make global warming a top priority in a second term, it's an issue that is sure to bring some fierce policy showdowns, the first of which may come under the keystone xl pipeline since 2008. and a revised route through nebraska this week, the final hurdle to the project at the state level and 53 senators, including 9 democrats...