CBO: Kerry-Boxer climate bill creates $21B SURPLUS!

[ProSense]

CBO: Kerry-Boxer climate bill creates $21B SURPLUS!

by RLMiller

Remember that horribly expensive Kerry-Boxer climate bill? The bill that would cost billions? Remember the bill that caused the seven Republicans on the Environment & Public Works Committee to righteously boycott it because they ostensibly lacked information about its costs, and couldn't possibly consider it for five weeks while awaiting budget scoring?

No?

Neither do I. The Congressional Budget Office has just scored Kerry-Boxer as creating a budget surplus of $21 billion over ten years. I now expect to see a rush of Republican support for the bill, right about...

now...

(crickets)

now...

(chirping)

what, Republicans only care about costs when it suits their political purposes? I'm shocked!

The CBO has the official score (31 pg pdf). To summarize, the bill creates federal revenues of $854B, and costs of $833B -- mostly from giving carbon allowances to states and other entities free of charge -- over the ten year period, for a net surplus of $21B. Further, the savings will continue past 2019: "In years after 2019, direct spending would be less than the net revenues attributable to the legislation in each of the 10-year periods following 2019." The CBO score assumes that the value of the carbon allowance market will be $80B in 2012. The CBO report also notes that its score of Kerry-Boxer is similar, but not identical to, its scoring of the Waxman-Markey bill that passed the House in June.

CQ Politics has a short post on the CBO score. I apologize for a short BREAKING! type diary, but this good news should be shared.

Tomorrow, a a group of Republicans opposed to EPA regulations of greenhouse gases, including Lisa Murkowski, James Inhofe (who suddenly can't be bothered to take his Truth Squad to Copenhagen -- apparently he and Truth aren't on speaking terms), and Lindsey Graham will hold a press conference. Since they're all so terribly concerned about the federal deficit and the cost to American families, the purpose of this conference must be to announce their wholehearted support for the Kerry-Boxer bill...right, Republicans? Further, the Republicans who boycotted the E&PW committee hearings in November will be groveling before Senator Boxer to apologize for their baseless boycott of committee hearings? We're waiting, Senator Inhofe!

This positive CBO scoring should keep the climate bill moving through the Finance, Agriculture, and Commerce committees beginning early January.

Awesome!

[Clio the Leo]

1. Well I'm glad to read this anyway. Thank you. NT

[Pushed To The Left]

2. Look for the RW to accuse the CBO of "liberal bias"

Definitely sounds like good news!

[Cha]

3. Just keeps getting better.. Thank you, Kerry and

Boxer!

[Parker CA]

4. BIG K&R for great news!!

[blm]

11. should be frontpaged....

imo

[Luftmensch067]

5. Awesome! K&R!

Wonder how much press this'll get outside the blogosphere -- thanks for making a start on getting it out there!!!:kick:

[ej510]

6. Obama will help weaken it. Just like he always does against

progressive legislation.

[GreenPartyVoter]

13. Wouldn't surprise me at this point. :^( Gotta make it "post partisan."

[blm]

17. I don't think he will be able to on this. In fact, Rahm and Axelrod probably planned for this to be

Obama's shift back to the left all along.

[blm]

7. Progressives have been saying for years that green policies would SAVE BILLIONS of dollars

and create jobs. These policies should have been pushed through in the 90s - the world would be so different (for the better) by now.

Salute to Kerry, Boxer, and Gore (who is working behind the scenes on this legislation).

[Kdillard]

8. This is such excellent news. k and r.

[MessiahRp]

9. Kerry and Boxer rock...

Two of the very few good Democrats left in the Senate.

Rp

[blm]

10. Kerry got a huge standing ovation after his Copenhagen speech without any M$M coverage in the US.

Typical.

[GoCubsGo]

12. And, no doubt this news will get no coverage, either.

$21 billion surplus? That counters the corporate media's talking points. Get out the broom and lift up the rug...

[blm]

15. Corpmedia have their orders - exaggerate the RW talking points while muting the TRUTH

and those speaking the truth.

[GreenPartyVoter]

14. Very typical.

[blm]

16. Kerry sent this noting the difference between climate debate in US media vs world media

>>>>>>
took a quick break from the Senate debate over health care to spend a day at the Global Climate Change meetings in Copenhagen. It was worth the jet lag to help convey the message that the United States is back in the game and ready to act.

And yet, I see the news back home, and there's still this ridiculous debate over the reality of climate change.

Talk about the tale of two cities: Copenhagen vs. Washington, DC.

In Copenhagen, island nations plead with the world to act before their homes are destroyed by rising sea levels, developing nations talk about their farms turning into deserts because of a changing climate, and scientists give their latest assessments of the incalculable damage that awaits us if we don't act. But in Washington, DC the forces of the status quo are putting enormous resources into warping the conversation, pushing polluter-funded discredited junk science and faux controversies.

>>>>>>

[politicasista]

18. Kick

:kick: :patriot:

[Forkboy]

19. K but too late to R.

:kick:

[blm]

20. Hey you.....

haven't see you in ages.