I believe the Coalition should reject both schemes, let Labor have their double dissulution and go to an early and fight Labor on flawed schemes which will do nothing to reduce CO2 emmisiions.
It is a con job like the Alcopops tax. The labor party said they would impose a tax on ALCOPOPS to stop binge drinking. When the opposition tried to reject it in the senate, the Labor party cried about the tax revenue they would lose.
The ETS is just another tax raising con job on the premiss of saving the world from self destruction.