The US House of Representatives has passed a bill to limit greenhouse gases. The White House lobbied hard for it: “A bold and necessary step,” said Barack Obama. Many hailed its passage as a triumph. In fact there is little to celebrate.

Recall that cap-and-trade was expected only recently to pass in the House without difficulty. It scraped through by 219 votes to 212, with 44 Democrats voting against. Opposition to cap-and-trade in the Senate is stronger, so the chances of this bill or anything like it becoming law look slim.