A carbon tax’s effect on the economy depends on how lawmakers would use revenues generated by the tax. The tax would help reduce U.S. emissions but would have only a modest effect on the Earth’s climate without a worldwide effort.
For Social Security and the major health care programs, CBO’s budget projections over the next 10 years are based on detailed program projections underlying CBO’s baseline; beyond 10 years, CBO relies on its long-term model.
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