I love that when Cap & Trade was introduced in the 1990s, Democrats and environmentalists derided it as putting a price on the environment and capitulating to business. Republicans pushed it as a market-based solution to a social problem.
Now, Democrats and environmentalists embrace C&T as the greenest thing around (well, other than structurally-similar carbon taxes), and Republicans deride it as a massive tax increase.
It (still) is what it is: an incremental improvement on environmental pollution, mobilized by a (probably flawed) market mechanism, that will increase costs (but not as much as if the EPA began regulating carbon by itself).
It (still) is not economic Armageddon or a serious solution to environmental degradation.