CBO: Clean Energy Bill Focuses Revenues to Public Benefit, will NOT Increase Budget Deficit

WASHINGTON (June 8, 2009) – Chairmen Edward J. Markey (D-Mass.) and Henry Waxman (D-Calif.), co-authors of the Waxman-Markey American Clean Energy and Security Act today said that a new analysis of the bill by the Congressional Budget Office (CBO) shows the legislation is a fiscally-responsible clean energy plan.?

“The Waxman-Markey bill will get our planet out of the red, while helping to put our budget back in black,” said Rep. Markey. “Waxman-Markey is a win-win for America’s economy and environment.”

“This is a fiscally responsible approach,” said Rep. Waxman.  “We are ensuring that the bill is deficit neutral, while protecting consumers from increases in their utilities bill, particularly low income consumers who are the most vulnerable.”

CBO’s analysis states that Waxman-Markey will raise $846 billion over the next decade in revenues from the new carbon market established by the bill, while not adding to America’s federal budget deficit?. Waxman-Markey dedicates the revenues to assist consumers with the transition to a clean energy economy and for other public purposes, including energy efficiency and clean energy research and deployment.  At least 50 percent of the allowances will go back to consumers -- with at least 35 percent going to protect against increases in electric, natural gas, home heating and propane bills; and another 15 percent going to assist low income consumers.?

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