"House Climate Bill Would Trim Budget Deficit, CBO Says"

"The House global warming bill slated for floor debate this summer is projected to trim the federal budget deficit over the next decade, the Congressional Budget Office states in a report released Friday.

CBO's [analysis] of H.R. 2454 projects the bill's requirement that companies reduce their emissions or purchase allowances on an open market would bring in federal revenue of about $845.6 billion during the first decade of its operation. By contrast, federal spending is expected to increase by $821.2 billion, meaning the Treasury can expect a $24.4 billion net gain.

An estimated 7,400 industrial facilities would face emissions restrictions under the bill, including electric utilities, petroleum refineries, natural gas distributors, and producers and importers of hydrofluorocarbons. According to CBO, the bill would cover about 72 percent of U.S. greenhouse gas emissions in 2012, ramping up to about 86 percent in 2020."

Darren Samuelsohn reports for ClimateWire in the New York Times June 8, 2009.