The Low Cost of Climate Legislation

According to a new CBO estimate reported by the Washington Post:

Climate-change legislation would cost the average household $175 a year by 2020, according to the Congressional Budget Office, far below the figure commonly used by GOP critics of the House bill. The CBO said yesterday that the poorest 20 percent of American households would actually receive a $40 benefit in 2020 from the legislation, which would establish a cap-and-trade system to limit greenhouse gas emissions, while the richest 20 percent of households would see a net cost of $245 a year. The costs would result from higher prices for carbon-based fuels, offset by a complex series of tax breaks and free allowances, new technologies and behavioral changes, and impacts on corporations and their profits.