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