09/24/09 CBO Estimates Climate Bill Costs To Be "Comparatively Modest"

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The long-term economic costs of a climate bill being considered in Congress would be "comparatively modest" in light of expected overall economic growth over the next 40 years, according to a congressional report recently released. The nonpartisan Congressional Budget Office estimated that the bill, which would impose a "cap and trade" system to reduce greenhouse gases, would cause the economy, or GDP, to be a quarter to three-quarters of 1 percent lower in 2020 than it otherwise would be. The economic impact would increase in later years as emissions reductions are tightened further and a system of p roviding free emission allowances is phased out.

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http://www.google.com/hostednews/ap/article/ALeqM5jpasaDPWF0iAt1i5rdvunWtVkbrAD9APVPJG1