In it, but not of it. TPM DC

Climate Legislation Will Cost $3,128 About $175 Per Household

[T]he Congressional Budget Office (CBO) estimates that the net annual economywide cost of the cap-and-trade program in 2020 would be $22 billion--or about $175 per household. That figure includes the cost of restructuring the production and use of energy and of payments made to foreign entities under the program, but it does not include the economic benefits and other benefits of the reduction in GHG emissions and the associated slowing of climate change. CBO could not determine the incidence of certain pieces (including both costs and benefits) that represent, on net, about 8 percent of the total. For the remaining portion of the net cost, households in the lowest income quintile would see an average net benefit of about $40 in 2020, while households in the highest income quintile would see a net cost of $245.

Interestingly, this tracks pretty well with the findings of John Reilly, the M.I.T. environmental economist whose analysis Republicans distorted to arrive at the misleading $3,000 figure.

Back in April when that controversy was still live, a spokesman for House Minority Leader John Boehner told me Republicans would revisit their talking points if new facts came to light. I'll let you know if they plan to stand by that pledge.

About The Author

Ivcd1zuomgpknmdsebhc

Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com