US Sec. of State Clinton pledges up to $100 Billion annually to help foreign countries pay for climate change controls. "Clinton said the funding would come from a mix of public and private financing, including revenue raised from the auctioning of emission allowances under a possible U.S. cap-and-trade system still under development on Capitol Hill."
So, basically, any (or a good chunk of) government revenue raised from cap-and-trade wouldn't be filtered back to low-income Americans, or persons/geographies disproportionately affected by the cap-and-trade system. The money wouldn't even stay in the United States. A sizable chunk would go outside of the United States to poor nations - many of which have corrupt government that would more than likely waste the money or use it to further impoverish their people.
BAD policy. BAD, BAD policy.