WASHINGTON, DC - As reported earlier in the week, Senators Kerry, Graham, and Lieberman are developing an alternative to cap-and-trade, and it has received "cautious" bi-partisan support, Congress Daily reports.

The senators have allegedly developed a 10-page "blueprint" for their proposal, whose details have yet to be released. As such, determining the likelihood of the proposal's passage is speculative at best.

"It's going to depend on details, and they'll give them to us in a couple of days," said Senator Carl Levin (D-MI).

It is believed that their proposal will include a "sector-by-sector" approach at carbon emissions, beginning with a cap-and-trade-like program on electric utilities that begins in 2012 and that expands to other industrial sectors by as late as 2017. It would also include a carbon tax on the transportation sector.

A closed-door meeting with a dozen senators earlier this week was met with reserved optimism.

"It's positive; it's refreshing; it's new thinking," remarked Senate Finance Chairman Max Baucus (D-MT).

Senator Mary Landrieu (D-LA) said that abandoning an economy-wide program like cap-and-trade makes passage of an alternative more likely, while Senator George Voinovich (R-OH) voiced skepticism at passing any large bill this year that places a cap on U.S. carbon emissions. "The environment for a large cap and trade ... is not there today," Sen. Voinovich said.

Several senators said that any successful legislation must "trump" state greenhouse gas standards, which the initial Kerry-Boxer bill fails to do.

As for timing, Sen. Kerry expressed hope that a bill could be ready by Easter, while Sen. Graham said that his hope was to finalize one "in a couple of weeks."