CBO Scores Senate Cap and Trade Bill

This score is a better indicator of what cap and trade does for the US budget than anyone, like Inhoffe of Oklahoma-one of the leading global warming skeptics, will, and continues to, say.

Matt

The Congressional Budget Office released an analysis yesterday of the climate bill <http://epw.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=f3bbb110-891a-44ee-a602-e1180981f145> recently passed out of the Environment and Public Works Committee, S. 1733, now known as the Kerry-Boxer Clean Energy Jobs and American Power Act.

According to the report,

CBO and the Joint Committee on Taxation (JCT) estimate that over the 2010-2019 period enacting this legislation would:

*    Increase federal revenues by about $854 billion; and
*    Increase direct spending by about $833 billion.

In total, those changes would reduce budget deficits (or increase future surpluses) by about $21 billion over the 2010-2019 period. (All estimated effects would be on-budget.) In years after 2019, direct spending would be less than the net revenues attributable to the legislation in each of the 10-year periods following 2019. Therefore, CBO estimates that enacting S. 1733 would not increase the deficit in any of the four 10-year periods following 2019.

So, clean energy and climate legislation will help the United States cut its deficit, will make our economy more efficient and competitive <http://www.aceee.org/press/e098pr.htm> , and will create as many as 1.9 million net new jobs <http://www.e2.org/jsp/controller?docName=jobs> . Not bad for legislation chiefly aimed at cutting global warming pollution.

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