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Letter to the Honorable Henry A. Waxman 1 (December 2009)

handle is hein.congrec/cbo8868 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 December 11, 2009 Honorable Henry A. Waxman Chairman Committee on Energy and Commerce U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: I am writing in response to your request for information about the Congressional Budget Office's (CBO's) analysis of H.R. 2454, the American Clean Energy and Security Act of 2009 (ACESA), as presented in testimony to the Senate Committee on Energy and Natural Resources on October 14, 2009.1 This letter groups answers to your questions into four broad categories: the analytical approach behind the economic models used in CBO's analysis, the assumptions about the reference case in that analysis, the policy cases that CBO examined, and the presentation and interpretation of results. CBO published estimates of the budgetary effect of ACESA for two versions of that bill, one as ordered reported by the House Committee on Energy and Commerce2 and another as amended and reported by the House Committee on Rules.3 In addition to estimating the budgetary impacts of ACESA, CBO also reported this year on other aspects of a cap-and-trade program for greenhouse gases, like the program specified in ACESA, in the following publications: The Estimated Costs to Households from the Cap-and-Trade Provisions ofH.R. 2454 (June 19, 2009); The Economic Effects of Legislation to Reduce Greenhouse-Gas Emissions (September 2009); The Use of Offsets to Reduce Greenhouse Gases (August 3, 2009); How Regulatory Standards Can Affect a Cap-and-Trade Program for Greenhouse Gases (September 16, 2009); and The Costs of Reducing Greenhouse-Gas Emissions (November 23, 2009).4 1 Statement of Douglas W. Elmendorf, Director, Congressional Budget Office, before the Senate Committee on Energy and Natural Resources, The Economic Effects of Legislation to Reduce Greenhouse-Gas Emissions (October 14, 2009). 2 Congressional Budget Office, cost estimate for H.R. 2454, the American Clean Energy and Security Act of 2009, as ordered reported by the House Committee on Energy and Commerce on May 21, 2009 (June 5, 2009), available at www.cbo.gov/ftpdocs/102xx/docl0262/hr2454.pdf. 3Congressional Budget Office, cost estimate for H.R. 2998, the American Clean Energy and Security Act of 2009, as amended and reported by the House Committee on Rules (June 26, 2009), available at www.cbo.gov/ftpdocs/10O3xx/docl10376/hr2998WaxmanLtr.pdf. 4For a complete listing of those analyses, see CBO's special collection for climate issues, available at www.cbo.gov/publications/collections/collections.cfm?collect=9.

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