A climate bill that seeks to slash carbon emissions would result in "some decline in employment" as the economy shifts to cleaner energy sources, said Douglas Elmendorf, director of the Congressional Budget Office. Job losses are likely during the transition "because labor markets do not move that fluidly," Elmendorf said during a Senate hearing. His statement comes in response to assertions from the Obama administration that the legislation would boost the ailing U.S. economy and generate green jobs.

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