As of 2 p.m. EDT today, Senate Majority Leader Harry Reid says he just didn't have the required 60 votes to beat a promised filibuster on the floor for a comprehensive climate bill. From the The Washington Post :
Instead, Democrats, according to sources, will push for a more limited bill that would seek to increase liability costs that oil companies would pay following spills such as the one in the Gulf of Mexico  and would create additional incentives for the purchase of both natural gas vehicles and products that can be used to reduce energy use in homes.
From Congress Daily :
Reid said his decision does not mean a larger piece of legislation is not possible in the fall or later... That may be the only silver lining for liberal Democratic senators and environmental groups...But the chance of bringing up a comprehensive energy and climate bill does not get easier down the road. Senators will be busy with midterm elections and other legislative items between September and the end of the year.
So President Barack Obama got a $787 stimulus bill passed last year, a major health care bill in the spring, financial reform this week—but very likely won't achieve his energy goal of putting a price on carbon, at least in this first half of his term. With vote counters saying that the House of Representatives may well turn Republican in the fall elections , the road to a mandatory restrictions on greenhouse gases is looking tough.