OMB Sees Federal Cost Spike, Massive Revenue Hit From Climate Effects

April 6, 2022
The White House is estimating that the adverse effects of climate change could cause so much damage to the U.S. economy by the end of the century that it would reduce federal revenues by $2 trillion annually, even as the government faces significant cost increases due to various climate risks. In a document released alongside the Biden administration’s fiscal year 2023 budget request, the Office of Management & Budget (OMB) provides what appears to be the government’s first detailed attempt...


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