Boxer climate plan won't increase deficit -- CBO

The nonpartisan Congressional Budget Office today released an analysis finding that the major climate and energy bill the Senate Environment and Public Works Committee approved in November would reduce the budget deficit by $21 billion over the next decade.

The cap-and-trade bill is sponsored by EPW Committee Chairwoman Barbara Boxer (D-Calif.) and Sen. John Kerry (D-Mass.). It would require U.S. emissions curbs of 20 percent by 2020 and 83 percent by 2050. The committee approved the bill with no GOP support.

But Kerry is working on a compromise climate and energy bill with Sens. Lindsey Graham (R-S.C.) and Joe Lieberman (I-Conn.) that they say will include a less aggressive 2020 target in the range of 17 percent, the same target contained in legislation the House approved in June. It will also include other sweeteners aimed at gaining 60 votes.