With the Senate scheduled to take up the Lieberman-Warner emissions bill later this year, the debate over the economics of the bill, and cap and trade in general, rages on. During today's OnPoint, Margo Thorning, senior vice president and chief economist at the American Council for Capital Formation, discusses a new ACCF/National Association of Manufacturers-sponsored report on the economic viability of the Lieberman-Warner emissions bill. Thorning explains why she believes a cap-and-trade plan could prove to be devastating to the U.S. economy, saying massive job loss and sky-rocketing utility rates are likely under such a plan. Thorning also discusses the role of the emissions bill debate in the 2008 presidential race.