CBO Director: There are Costs Involved with Cap and Trade

Waxman-Markey proposes a new national tax of historic proportions.

Congressional Budget Office Director Douglas Elmendorf testified on October 14 before the Senate Committee on Energy and Natural Resources to discuss the economic effects of reducing greenhouse gas emissions and the effects – most notably the effects of the Waxman-Markey cap and trade legislation. Although Elmendorf felt that Waxman-Markey could greatly reduce the long-term risks of climate change, he acknowledged that “such legislation would also reduce economic activity through a number of different channels.”

Note: Director Elmendorf’s expertise is budgets and economics, not climate science.
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