The Massachusetts Institute of Technology released a report August 27 finding that a tax on carbon dioxide emissions could raise $1.5 trillion that could be used to prevent or delay budget cuts as Congress seeks to reduce a looming federal deficit. The report, Carbon Tax Revenue and the Budget Deficit: A Win-Win-Win Solution?, examined the effects of a carbon tax starting at $20 per ton in 2013 and rising four percent annually. The tax would reduce CO2 emissions 20 percent below 2006 levels by 2050, encourage the use of renewables, and reduce oil imports.