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Can anyone explain this Toles cartoon to me?

I am as big a fan of the Pulitzer-prize-winning editorial cartoonist Tom Toles as anyone (just put “Toles” into the search engine for this blog). And I think I have a pretty good sense of humor. But I can’t make heads or tails out of this one:

He would appear to be saying that U.S. climate policy is rejecting the obvious life preserver of the EPA and waiting for something bigger — a cap-and-trade bill?

But that isn’t what the Obama administration is doing. Indeed, it is doubly strange for this cartoon to appear the very week “EPA makes landmark finding: Global warming threatens public health and welfare.” It is that finding that will allow the EPA to regulate greenhouse gas emissions.

So this cartoon is quite unfair to EPA and Obama — something I’d expect from a conservative cartoonist, but not Toles.

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Am I missing something — or is Toles?

You can comment on his cartoon here.