The Congressional Budget Office did an analysis of what has come to be known as the Waxman-Markey bill. According to the CBO, the climate legislation would cost the average household only $175 a year by 2020.
A closer look at the CBO analysis finds that it contains so many caveats as to render it useless. For starters, the CBO estimate is a one-year snapshot of taxes that will extend to infinity. The CBO's analysis looks solely at the year 2020, before most of the tough restrictions kick in.
