EIA Says Climate Bill Cuts GDP $452 Billion By 2035
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Proposed Senate legislation to limit greenhouse gases from power plants, refineries and factories would cut U.S. gross domestic product by $452 billion, or 0.2 percent, between 2013 and 2035, the Energy Information Administration said today.
A cap-and-trade program for greenhouse gases “increases the cost of using energy, which cuts real economic output, reduces purchasing power, and lowers aggregate demand for goods and services,” the agency said in a report on legislation released May 12 by Senators John Kerry and Joseph Lieberman.