There's plenty of disagreement about pending legislation on climate change. The Waxman-Markley bill is certainly not perfect, and it falls short of the sweeping change that many environmentalists were hoping for, but it might be our best bet at getting something serious on the books.
Krugman even comes out in support of it today, albeit with some hesitation.
I think Obama is walking the line pretty effectively on this one. Cap and trade can work--it works for acid rain--and it's at the least a big step in the right direction. Add to this a new international agreement and we're really getting somewhere.
Even if it ain't perfect, it beats the hell out of Bush.