Posted by Jessica Lee Reece, jreece@sgrlaw.com. The Associated Press reports that the non-partisan Congressional Budget Office (“CBO”) found that the American Power Act (the climate and energy bill currently stalled in the U.S. Senate) would increase revenues and reduce the federal deficit by about $19 billion over the next decade. The American Power Act proposes to cap the number of greenhouse gases emitted from facilities that generate electricity, and from other industrial activities, beginning in 2013 (or 2016 for certain entities). Under the Act, EPA would establish two separate cap-and-trade regulatory initiatives, one covering emissions of greenhouse gases and one covering hydrofluorocarbons. EPA… Read more