The climate bill aims to reduce greenhouse gas emissions 17 percent below 2005 levels by the year 2020 and 83 percent by 2050, from 2005 levels. It has been referred as one of the most important pieces of legislation ever introduced in the Congress, according to former Vice President Al Gore.
President Barack Obama considers it a top priority for his administration and the national economy. He and House speaker Nancy Pelosi have said the bill is a national security issue because it would help the country to reduce dependence on foreign oil, create green jobs and keep the environment clean.
Opponents of the bill say that it will skyrocket energy costs for consumers and cause job losses in America if industries move their operations to countries that do not have controls on greenhouse gases. Proponents say the bill was designed with measures to prevent this.
After passing Congress, the bill needs approval from the Senate.
More news on the climate bill:
GOP attacks Waxman-Markey climate bill, says most U.S. states will lose









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