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Economic Message of the Week: CBO: Clean Energy Bill Would Create $21B Surplus
According to the Congressional
Budget Office, energy and climate legislation passed by the Senate Environment
and Public Works Committee last month would create a $21 billion surplus over
the course of the next decade.
The CBO estimate found that the bill would increase
federal revenue by about $854 billion between 2010 and 2019 without increasing
the deficit in any of the four 10-year periods following 2019.
"The CBO score shows that
there is a way to design a clean energy and climate bill that is fiscally
responsible and gets the job done – while protecting the health of our families
and the planet," said EPW Chairwoman
Sen. Barbara Boxer (D-Calif.).
Revenue under the bill would
mostly be derived from auctioning emission allowances. Auction revenue would be
put into 10 funds, including programs to assist low- and mid-income households
and carbon pollution reduction and adaptation programs.