The U.S. climate bill is expected to pass Congress this week according to the Chairman of the House Energy and Commerce Committee Henry Waxman who said he thinks he will obtain a majority of votes, Reuters reported.

Waxman (co-author of the bill with Rep. Edward Markey,) and several key democrats from industrial, oil and coal states - who had not backed the climate bill in full before - reached an agreement on renewable energy standards, emissions limits and distribution of pollution allowances permits , finalizing the 948 page document last week.

Over the weekend, President Barack Obama praised Congress for finalizing comprehensive energy legislation saying it will help boost the economy of the nation while creating millions of jobs.

Democrats have a majority in Congress with 36 versus 23 from the Republican party. But Republicans oppose the bill saying it will skyrocket energy prices and be costly to the U.S. economy.

You are about to embark on an episode of putting the entire American economy, which is the world's largest, through an absolute economic wringer, senior Congressman Joe Barton warned at the House of Representatives, Reuters noted.

The U.S. Chamber of Commerce has also opposed the legislation because its expensive, complicated, regulation-heavy and domestic-only. It said any new measures, whether legislative or regulatory, should be conditional on and consistent with a new international agreement.

The American Clean Energy and Security Act is aimed to reduce greenhouse gas emissions in the country which were ruled to be damaging for public health and welfare, according to the Environmental Protection Agency.