At the onset of the Copenhagen conference the fear was that a binding agreement would cripple the US economy and the economies of other developed nations (and do not think that is off the table), but a leaked document called the “Danish Text” seems to have other plans.

The Guardian reports that a group called "the circle of commitment" has drafted a secret agreement known as the “Danish Text” which flips the Kyoto agreement on its head. Rather than penalizing rich countries and forcing the burden of carbon reduction on them, this agreement would put a heavier burden on poorer, developing nations.
The Copenhagen debates seem to focus on the premise that Global Warming is an immediate threat and that someone has to suffer in order to fix it. It is obvious from their behavior at the conference that the rich “Green Elites” do not want to suffer, so who else can they make suffer? Obviously, the same people who always suffer from Government Planning: poor people. Sometime Government Planning hurts poor people indirectly such as inner city children suffering from failing public school. Other times it hurts then directly such as the use of eminent domain take their property to rid the community of “blight” or to sell it to developers to increase tax revenue. The result is always the same, the connected elites win and everyone else loses.
The United States must oppose any binding agreement in Copenhagen. If the options presented are to destroy our own economy or to permanently destroy the economies of developing countries, the only option available for President Obama is to say “NO.”