Testimony on Climate-related Economic Risks and Their Costs to the Federal Budget and the Global Economy 

In testimony before Senate Committee on the Budget, AAF President Douglas Holtz-Eakin discusses the economic costs and budgetary impacts of climate change.

Key points:

Climate change will increase future budget deficits, largely through reduced economic growth and tax revenues;
The existing (baseline) budget outlook is profoundly anti-growth and represents a larger economic risk than climate change; and
Addressing the budget outlook will make more manageable budgeting mitigation and adaptation policies that will feature large, up-front federal outlays.

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