Cap and trade bill clears a key committee, but is much stripped down…for now, it’s mainly cap, not much trade…

In tomorrow’s paper:

A controversial “cap and trade” plan that would put Washington at the forefront of efforts to combat global warming has been dramatically watered down under pressure from businesses and rural Republicans.

Nonetheless, proponents say they remain optimistic. The bill, requested by Gov. Chris Gregoire, cleared a key House committee Tuesday.

“It’s still viable. It establishes a real cap” on greenhouse gases, said state Rep. Hans Dunshee, D-Snohomish. “That’s a critical first step.”

Among the sharpest critics of the bill: Rep. Joel Kretz, R-Wauconda. Saying that the plan will destroy rural industries, he’s blasted it as “cap and extort” and says that trading pollution credits would spawn cronyism. He’s publicly suggested that disgraced former Illinois Gov. Rod Blagojevich would be a good fit to run it.

“He’s well-suited to run a system like that,” Kretz said in an interview Wednesday. “And he’s looking for work.”