Cost of Waxman-Markey Bill Would Be Modest – CBO

The Congressional Budget Office released a report finding that the proposed climate change bill being debated in the House of Representatives would cause only a modest increase in household expenses. 

The report estimates the proposed cap-and-trade program would lead to $22 billion in increased costs economy-wide by 2020, which averages out to $175 per household. 

However, the structure of the program would mean that poorest households would actually save $40 a year, while high-income households would pick up a net increase of $245 a year, according to the report.

Republicans have said costs would be as high as $3,100 per household. 

Read Associated Press coverage below.