From the WaPo:
[Obama] also virtually abandoned his legislation – hopelessly stalled in the Senate – featuring economic incentives to reduce carbon emissions from power plants, vehicles and other sources.
“I’m going to be looking for other means of addressing this problem,” he said. “Cap and trade was just one way of skinning the cat,” he said, strongly implying there will be others.
In the campaign, Republicans slammed the bill as a “national energy tax” and jobs killer, and numerous Democrats sought to emphasize their opposition to the measure during their own re-election races.