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US Climate Bill Would Cut Deficit by $19 Billion Over 10 years |
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Contributed by Jim Elliott
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Monday, 19 July 2010 |
The current climate and energy bill now stalled in the US Senate would reduce the federal budget by about $19 Billion over the next decade. This is what the nonpartisan Congressional Budget Office (CBO) said. This is the second positive report on the bill by a government agency. The first is the Environmental Protection Agency.
"There is no more room for excuses - this must be our year to pas comprehensive climate and energy legislation and begin to send a price signal on carbon," said Senator John Kerry, D-Mass, the chief author of the bill.
In its report, the CBO said that revenues would go up by $751 Billion from 2011 to 2020, mostly through the sale of carbon credits in a so-called cap and trade plan to be applied to utilities and other sectors of the economy. On the debit side, the plan would cost about $732 Billion, mostly from refunds to utility bills and tax credits as well as investments in energy provisions including research and development. The Senate bill would tax carbon dioxide emissions by coal-fired power plants and other large emitters.
The analysis by the EPA said that the bill would cost households about $79 to $146 per year. The authors of the bill say that Americans would be willing to pay less than a dollar a day to curb climate change while reducing oil imports and creating energy-related jobs.
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Last Updated ( Tuesday, 20 July 2010 )
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