CAP&TRADE WILL SAVE BUDGET MONEY

CBO boosts climate bill
Darren Samuelsohn (w/Coral Davenport), July 7, 2010 (Politico)

"Senate backers of a long-shot bid to pass legislation with greenhouse gas caps got some fresh help…when the Congressional Budget Office reported that one high-profile proposal would help curb the federal deficit by about $19 billion over the next decade."

"The CBO analysis of the American Power Act, championed by Sens. John Kerry (D-Mass.) and Joe Lieberman (I-Conn.) found that government revenues would grow by about $751 billion from 2011 to 2020 if the bill became law. By contrast, the legislation would create direct spending of $732 billion over the same 10-year period."

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[Senators Kerry and Lieberman, joint statement:] “There is no more room for excuses; this must be our year to pass comprehensive climate and energy legislation and begin to send a price signal on carbon…Many of our colleagues have said they flatly oppose anything that adds a penny to the deficit, so we hope they look anew at this initiative, which reduces it.”

"Senate Majority Leader Harry Reid’s staff is still considering incorporating some elements of the Kerry-Lieberman bill as they craft legislation for this month’s floor debate…[Democratic staffers] are now looking at three ideas: a popular overhaul of offshore drilling, an “energy-only” bill that would mandate an increase in renewable electricity and, as a long-shot add-on, a cap on carbon emissions from power plants only…[According to Reid spokesman Jim Manley, the goal is] to find a bill that President Barack Obama can help move through the Senate."

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"Environmental groups have also conceded they lack momentum for the full Kerry-Lieberman proposal…[but] are now leaning on [President] Obama to step up his efforts to pass a climate bill with a cap on power plant emissions during the dwindling amount of time before the midterm elections."

[Joint letter to President Obama from nine groups, including EDF, the Alliance for Climate Protection, Natural Resources Defense Council and Union of Concerned Scientists:] “The Senate needs your help to end this paralysis…With the window of opportunity quickly closing, nothing less than your direct personal involvement, and that of senior administration officials, can secure America's clean energy future.”