About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 Answers to Questions for the Record Following a Hearing on the Budget and Economic Outlook: 2019 to 2029 Conducted by the Senate Committee on the Budget 1 (March 29, 2019)

handle is hein.congrec/cboaquestr0001 and id is 1 raw text is: MARCH 29 ,2019 Answers to Questions for the Record Following a Hearing on The Budget and Economic Outlook: 2019 to 2029 Conducted by the Senate Committee on the Budget On January 29, 2019, the Senate Committee on the Budget convened a hearing at which Keith Hall, Director of the Congressional Budget Office, testified about The Budget and Economic Outlook: 2019 to 2029.' After the hearing, Ranking Member Sanders and other members of the Committee submitted questions for the record. This document provides CBO's answers. It is available at www.cbo.gov/publication/54991. Senator Sanders Question. I read with interest your recent report, Options for Reducing the Deficit: 2019 to 2028. While I very much appreciate the work you and your team put into this volume, I was disturbed by the following statement made on page 292 during the report's discussion of a potential carbon tax: Many estimates suggest that the effect of climate change on the nation's economic output, and hence on federal tax revenues, will probably be small over the next 30 years and larger, but still modest, in the following few decades. Simply put, the claim that climate change will have only small or modest effects on our nation's economy and budget is not supported by the facts. In November, 13 federal government agencies collectively produced a new National Climate Assessment, which concluded: With continued growth in emissions at historic rates, annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century-more than the current gross domestic product (GDP) of many U.S. states. Please provide me a list of the studies that have led you to conclude that the projected economic and budgetary harms from climate change are merely small or modest. Answer. It is important to note the time frames addressed by CBO's statement because climate change is expected to impose costs that will accumulate over time. Initially, the economic effects of climate change will probably be small relative to the size of the 1. See testimony of Keith Hall, Director, Congressional Budget Office, before the Senate Committee on the Budget, The Budget andEconomic Outlook: 2019 to 2029 (January 29, 2019), www.cbo.gov/ publication/54945.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most