Climate bill to cut US deficit

From Businessmirror.com.ph

US climate legislation approved by a House committee would raise more revenue than it would cost in federal spending through 2019, the Congressional Budget Office said in a report.

The budget estimate says the legislation, to cap greenhouse-gas emissions and create a system to trade pollution permits, would raise $845.6 billion, while adding $821.2 billion to federal spending, a $24.4 billion net gain.

President Obama, during a visit to Germany, expressed optimism about the legislation, saying the process “is moving forward” in ways that “would have seemed impossible two or three months ago.”