This is big: Aren't we being asked to spend $45 trillion based on the idea that CO2 is preventing this heat from going back into space?

2008: NPR.org » The Mystery of Global Warming's Missing Heat

Some 3,000 scientific robots that are plying the ocean have sent home a puzzling message. These diving instruments suggest that the oceans have not warmed up at all over the past four or five years.
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But if the aquatic robots are actually telling the right story, that raises a new question: Where is the extra heat all going?

Kevin Trenberth at the National Center for Atmospheric Research says it's probably going back out into space. The Earth has a number of natural thermostats, including clouds, which can either trap heat and turn up the temperature, or reflect sunlight and help cool the planet.

Roger Pielke Jr.'s Blog: The Missing Heat

Second, it took the released CRU emails to open up a public scientific dialogue on this subject, which suggests that there are some issues with either model projections or observations. Judging from the Pielke-Trenberth-Willis exchange, I'd put my money on problems with the models.