"U.S. carbon tax could halve deficit in 10 years: report"

[applegrove]

U.S. carbon tax could halve deficit in 10 years: report

Reuters at Yahoo

http://news.yahoo.com/u-carbon-tax-could-halve-deficit-10-years-082412087.html

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WAHSINGTON, Sept 26 (Reuters Point Carbon) - Imposing a $20 per metric ton carbon tax in the U.S. could reduce the country's budget deficit by 50 percent over the next 10 years, a report by the Congressional Research Service said on Tuesday.

Such a tax would generate approximately $88 billion in 2012, rising to $144 billion by 2020, the report said, slashing U.S. debt by between 12 and 50 percent within a decade, depending on how high the deficit climbs

The U.S. budget deficit has exceeded $1 trillion annually in each fiscal year since 2009, and could rise to between $2.3 trillion and $10 trillion by 2020, according to the Congressional Budget Office (CBO).

Since deficits can lead to reduced savings, higher interest rates and higher levels of inflation, reducing them is a high-priority issue in Washington

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