Congressional Budget Office Says Cap and Trade Would Slow U.S. Economy

An article in the Washington Post today reports CBO Director Douglas W. Elmendorf “testified before the Senate Energy and Natural Resources Committee that the cap-and-trade provisions of the House bill -- in which emitters of greenhouse gases would be able to buy and sell pollution credits -- would cut the nation's gross domestic product by 0.25 to 0.75 percent in 2020 compared with ‘what it would otherwise have been,’ and by 1 to 3.5 percent in 2050.”