CBO: Kerry-Boxer Climate Bill Saves Billions of Dollars

Posted December 16, 2009 at 5:36pm

A sweeping climate change bill sponsored by Sens. John Kerry (D-Mass.) and Barbara Boxer (D-Calif.) would create $21 billion in budget savings over 10 years if enacted next year, according to an analysis by the Congressional Budget Office.The numbers released Wednesday also show that the Kerry-Boxer measure “creates a surplus and does not add to the federal deficit over the lifetime of the bill,— according to a release from Boxer’s office. “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,— Boxer said in a statement. Boxer chairs the Senate Energy and Public Works Committee, which approved the broad climate measure earlier this year. But action has stalled as Democrats try to strike a balance that appeases the party’s moderate and liberal wings. The CBO analysis was released the same day that Kerry, chairman of the Foreign Relations Committee, delivered an address at the United Nations climate change summit in Copenhagen. During his remarks, Kerry pledged that Congress would approve comprehensive energy reform next year. “Though we have yet to reach full agreement on a method, more and more businesses and lawmakers are convinced that the only way to meet an emissions reduction target is to price carbon,— Kerry said.