Jeff Bingaman: “The second document to which I wish to call attention is a study by the nonpartisan Congressional Budget Office. In…”

“The second document to which I wish to call attention is a study by the nonpartisan Congressional Budget Office. In October of 2005, Senator Jeffords and I asked CBO to address a debate that has been occurring in the Senate. Most experts agree that significant cuts in fossil fuel use is required if we are to reduce greenhouse gas emissions. But there has been a debate about whether the appropriate strategy was to exclusively fund technology development through tax incentives and through Federal programs or, on the contrary, to put a price on carbon by implementing a cap-and-trade proposal. CBO's analysis demonstrated that the most effective policy was a combination of these two.”