text: At a July 2002 hearing on the Bush Administration's climate initiative, James Connaughton, Chairman of the Council on Environmental Quality (CEQ), testified that implementing the Kyoto Protocol would reduce U.S. economic output by "up to $400 billion" in 2010. In contrast, a 1998 study done by President Clinton's Council of Economic Advisers (CEA) found that the costs of implementing the Protocol would be $7 billion to $12 billion annually in lost output.