Which would you choose - A failing economy or climate change?

Or, better yet, must we choose?

There is a debate going on in Washington right now to answer whether or not America is prepared to start putting a price tag on the cost of pollution. Early this week, the Climate Security Act of 2008 was introduced by Sen. Barbara Boxer, D-Calif., Sen. Joe Lieberman, independent-Conn., and Sen. John Warner, R-Va. (Click here for NPR story)

The bill’s aim is to reduce greenhouse gas emissions by 19% by 2020 and by 70% percent by 2050. It would achieve this by requiring industries to pay for the right to emit carbon dioxide - also known as a cap-and-trade system.

Critics of the bill claim that it would dramatically raise energy prices, would cost the economy trillions of dollars and shift significant amounts of money from one part of the economy to another. An editorial from the Pittsburgh Tribune-Review recently stated, “If there indeed is a second Great Depression to come, this will be the government measure that guarantees it arrives with a devastating gut punch.” and goes on to say, “Not only is it one of those sadly classic bureaucratic “solutions” in search of a problem, it is a sad exercise in the ecocratic ignorami pushing command economics in the name of free markets.”

Supporters claim that in addition to lowering greenhouse emissions the bill will create new industries and jobs.

Since its introduction, it seems to have become more of a partisan issue. San Francisco Chronicle writer, Zachary Coile, writes, “What could have been an illuminating debate over how to address one of the world’s greatest challenges has so far been mired in stalling tactics and election-year positioning. Republicans have accused Democrats of pushing a bill that could raise energy prices, while Democrats claim GOP leaders are ignoring the threats of climate change to protect the oil and gas industry.”

All of this over a bill that originated from tri-partisan sponsorship.

A recent poll found that 65 percent of Americans are opposed to paying higher gasoline prices to combat global warming. What do you think - should Americans pay some sort of financial price for pollution?

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