CBO: Energy bill includes big savings

WASHINGTON, July 7 (UPI) -- The Congressional Budget Office Wednesday said a $732 billion energy bill would reduce the federal deficit by $19 billion in 10 years.

The non-partisan federal accounting office said the bill would bring in more than it would cost, The Hill newspaper reported.

The CBO report said, "Additional direct spending would be less than the additional net revenues attributable to the legislation in each of those periods," predicting the bill would save money in the short and long term.

In a joint statement, sponsors Sens. John Kerry, D-Mass., and Joe Lieberman, Ind-Conn., said, "There is no more room for excuses -- this must be our year to pass comprehensive climate and energy legislation and begin to send a price signal on carbon."

"Many of our colleagues have said they flatly oppose anything that adds a penny to the deficit, so we hope they look anew at this initiative which reduces it," the statement said.

While Democrats have said they are seeking to pass an energy bill this year, Republicans have stood opposed, taking the position that the bills are a new tax on U.S. businesses.