Green Options » Congressional Budget Office

Waxman-Markey Cap and Trade Will Pay For Itself, CBO Finds

Susan Kraemer — Thu, 10 Sep 2009 04:25:24 +0000

The Waxman-Markey Climate Bill uses Cap and Trade to get our current 6 billion tons of CO2 a year down to just over 5 billion tons a year by 2020 (20% by 2020) and continuing down further by 2050.

The Congressional Budget Office has estimated that the auction proceeds of the current Cap and Trade bill would increase Federal revenues by about $846 billion by 2019.

That would more than fund the $821 billion in renewable energy spending that it will take (per the CBO) to reduce the national carbon footprint by almost a billion tons a year on deadline, and would leave $25 billion in the bank for additional renewable energy projects.

This revenue would fund programs that reduce carbon emissions and that cut the cost to individuals and businesses. Some examples over the jump:

The American Clean Air And Security Act: What Is It?

Fred Etcheverry — Tue, 30 Jun 2009 20:31:26 +0000

At the time of this post, The American Clean Air and Security Act has passed Congress as Waxman-Markey. It will now go to the Senate. Supporter and opponents are divided over its efficacy. It is full of compromises needed to pass, but will these compromises make it ineffective?

These is something in this bill for almost everyone. There is also something for almost everyone to hate. Alan During gives 14 things he love and 6 he hates about Waxman-Markey.

It’s no surprise that the United States Chamber of Commerce and the National Association of Manufactures oppose this bill, but so does Greenpeace and Friends of the Earth. Dow Chemical and Ford Motors support it.

Can Blue Dogs Help Obama’s Green Message?

Fred Etcheverry — Tue, 24 Mar 2009 04:55:10 +0000

Despite public outrage over AIG bonuses, Obama had a good week. He traveled across America expressing his own outrage over the bonuses. He was warmly greeted in Orange County, California—once a bastion of conservative Republicanism. Republican Governor Swarzenegger warmly embraced him and assured him that California supported the stimulus plan. Obama appeared on the Tonight Show displaying his quick wit with the show’s host Jay Leno.

Leno raised the issue of congress threatening to tax the bonuses at 90%. “As a American,” he said that he was distressed that Congress could use the tax laws to punish a particular group. Obama responded that he understood the anger. Significantly, he did not endorse Congress’s response.

Nor did Obama mention that Congress voted for these bonuses when it passed the bailout or whether he or congress was aware of this clause in the Bill. Senator Cris Dodd (D-Conn) had appeared outraged at the bonus and told CNN that he was unaware of such an amendment. Later he told CNN that he didn’t write the clause, and later he admitted adding the clause at the insistance of Treasury Secretary Geithner.