Testimony: Robert Greenstein on the Fiscal Impact of Controlling Carbon Emissions Before the House Budget Committee

Publication Date: November 2007

Publisher: Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Robert Greenstein

Research Area: US Fiscal Future

Keywords: Economic projections; Fiscal future; Economic inequality

Type: Report

Abstract:

Our analysis indicates that Congress can develop climate change policy that is environmentally and economically sound and fiscally responsible, and that treats low-income families equitably, avoiding increases in poverty and hardship.  To achieve these objectives, however, the policy has to be well designed.  This means the policy must generate sufficient budget resources to address the requirements and challenges of sound climate-change policy — including the resources needed to offset the direct impact of those policies on the federal budget — and must cushion the impact on vulnerable populations, especially people with low incomes.