The Congressional Research Service reported September 17 that a federal carbon tax could raise as much as $90 billion in its first year, and more in following years, to reduce the federal budget deficit or offset reductions in other taxes. The report, Carbon Tax: Deficit Reduction and Other Considerations, found that a tax of $20/MT CO2 could raise as much as $144 billion annually by 2020. Representative Pete Stark (D-CA) introduced the Save Out Climate Act of 2011 (H.R. 3242) and Representative Jim McDermott (D-WA) introduced the Managed Carbon Price Act of 2012 (H.R. 6338) this session.