During his first term, this would be highly unlikely because it Democrats will lose the House and maybe the Senate this November. Obama had a tough time passing Health care with a huge majority in both the House and the Senate. With an equal Senate, there is little possibility for a highly disputed bill to get passed into law.
A cap and trade bill will be hard to pass, but in the link below, Newsweek goes into what the Republicans may be willing to compromise on, so far as energy and the environment go.
Obama might be able to pass a climate bill if the Dems win back a vast majority of the senate. A climate bill is bad for big oil and major carbon producing companies. These companies have a major interest in keeping a bill like this from getting passed and thanks to the fact that contributors can donate as much money to a campaign as possible, it is unlikely this bill will get passed in the foreseeable future.
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