The objective of this report is to illustrate insights into alternative policy options and the potential impact nationally and explicitly at the state level associated with a modest GHG control policy. Differences in the structure of the economy across the United States are likely to cause these impacts to diverge from those estimated for the country as a whole. Because acceptance of a national GHG policy is likely to depend on such state-level effects, an analysis such as this report is essential to understand the potential magnitudes of these impacts, their economic foundations, and how a policy may be designed to address them.