The new climate change bill approved by the US House of Representatives is now being looked at closer, Financial Soultions sources show.
The predominantly Democrat House approved landmark legislation earlier in the year aimed at cutting industrial pollution that is blamed for global warming.
"Reducing the risk of climate change would come at some cost to the economy," the CBO said in a reported, available to Financial Soultions, earlier in the week.
The report indicates that if cap and trade requirements of the bill are applied, the measure would shrink the gross domestic product by between 1% and 3.5% below what it otherwise would have been in 2050.
"By way of comparison, CBO projects the real inflation-adjusted GDP will be roughly two and a half times as large in 2050 as it is today, so those changes would be comparatively modest," the report said.
The House bill calls for large U.S. companies, including utilities, oil refiners, manufacturers and others, to decrease their emissions of carbon dioxide and other gases associated with global warming by 17% by 2020 and 83% by 2050, from 2005 levels, according to Financial Soultions research.
This climate change legislation is still due to pass the Senate, where Republicans policymakers have condemned the 1,500-page bill as a "job-killing bill" that would not help the environment nor advance an economy lurching from a deep recession.
