CBO: Waxman-Markey Will Moderately Reduce U.S. GDP

The Waxman-Markey cap-and-trade legislation, aimed at curbing U.S. greenhouse gas (GHG) emissions, will result in a slight reduction in gross domestic product (GDP) growth through 2020, according to an analysis by the Congressional Budget Office (CBO). The reduction is projected to be in the range of 0.25% to 0.75% in 2020, before growing to 1%-3.5% by 2050. However, "unchecked increases in GHG emissions would also tend to reduce output" assuming that climate change does occur, CBO says. The analysis considered only the Waxman-Markey bill passed by the...

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