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On July 7, the Congressional Budget Office (CBO) announced that if enacted, the Kerry-Lieberman climate bill, the American Power Act, would cut the deficit by $19 billion over the 2011 to 2020 period. In the four decades after 2020, the legislation would not increase the deficit. “Today, the Congressional Budget Office has sent Congress a powerful message: our comprehensive energy and climate bill will slash America’s deficit by over $19 billion,” said Sens. John Kerry (D-MA) and Joseph Lieberman (I-CT). “There is no more room for excuses – this must be our year to pass comprehensive climate and energy legislation and begin to send a price signal on carbon. Many of our colleagues have said they flatly oppose anything that adds a penny to the deficit, so we hope they look anew at this initiative which reduces it.” CBO estimates that enacting the Kerry-Lieberman bill would increase revenues and direct spending by $751 billion and $732 billion, respectively, over the 2011 to 2020 period.
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