By Jennifer A. Dlouhy A bipartisan bill to remake US permitting laws and expedite the development of energy projects promises to boost economic growth, shave electric bills and increase real wages nationwide, according to analysis by the White House Council of Economic Advisers.

The assessment was delivered ahead of a congressional vote on the plan expected after next week’s midterm elections. It reflects the optimism of supporters who’ve referred to the bill as a once-in-generation opportunity to shrink the time it takes the government to authorize oil pipelines, wind farms and other energy projects.

The US economy stands to get a growth boost of between 0.28% and 0.56% annually with expedited environmental reviews under the permitting reform measure, the CEA said — with potentially $82 billion to $164 billion in additional output each year.

The bill, a top priority for President Donald Trump, would make sweeping changes, including by imposing deadlines on government reviews under the National Environmental Policy Act. Recent environmental impact statements mandated by the law have taken an average of 4.2 years to complete, and they’ve grown longer as agencies seek to protect themselves against legal challenges.

“Long implementation delays discourage investment because they force investors to wait longer for returns to be realized, resulting in insufficient infrastructure investment and a lower quantity of capital per worker, which leads to higher prices and lower output,” the council said in its 14-page report.

The compromise package, brokered between White House officials and key Senate Democrats, would narrow the scope of NEPA reviews, pare the types of decisions subject to them and set deadlines. Environmental impact statements would have to be completed within two years, and smaller environmental assessments within a year.

In addition, project sponsors could ask courts to compel action when new NEPA deadlines are missed, and agencies would be forced to decide if applications are ready for review within 60 days.

Although the bill is broader — with provisions limiting legal challenges and accelerating the connection of power projects to the nation’s electric grids — the CEA analysis focused on the measure’s NEPA review deadlines.

Reducing project review timelines would translate to as much as $637 in additional real wages for the average household per year, the CEA concluded, describing the findings as likely conservative.

It’s not the first time the CEA has touted major benefits from policies backed by Trump. Last year, the panel predicted his agenda would chop some $11 trillion from US fiscal deficits in the coming decade — an assessment unshared by most independent budget monitors.

The latest assessment says that Americans’ electric bills would shrink by an estimated $178 to $251 annually thanks to the pending legislation, as power generation projects are more swiftly authorized and constructed. Tax revenue would also climb as much as $28 billion under the proposed requirements, the analysis found.

However, realizing the benefits would take time, with the CEA anticipating “a roughly three-year dead zone at the start of the reform, during which output is essentially unchanged.”

“The reform’s effects build slowly,” the council said. Even if the permitting legislation is passed and enacted, “investment placed at the moment of reform still needs to navigate the new, shorter review before becoming productive capital.”While the permitting package has won praise from oil companies and renewable power developers, it’s drawn skepticism from some Democrats and environmental groups who argue it favors fossil fuels over advanced, emission-free technologies.

The CEA analysis said the costs of slow environmental assessments have been felt unevenly across the economy. The council identified mining, government projects, rail transportation and utility ventures as among the most exposed to NEPA-related delays, based on an analysis of environmental impact statements published between 2015 and 2024.