President Obama Endorses the Waxman-Markey Bill and 'Urges' Congress to Pass It

In a landmark speech today, President Obama has finally voiced support for the American Clean Energy and Security Act, also known as the Waxman-Markey Bill.

In his address, the President stated that the bill was a "historic piece of legislation that will spark an energy transformation" in America.  The American Clean Energy and Security Act is comprehensive in its plan to shift the United States' energy consumption and production.  It creates initiatives to develop solar, wind, and geothermal technologies, while also spurring new methods to conserve energy use.

As the President said today, these initiatives will finally make clean energy profitable--a major stumbling block for previous efforts to shift away from fossil fuels use.  The bill will develop new technologies, which will develop new industries, which, in turn, will create new jobs.  President Obama explained that this legislation would be paid for by the nation's polluters via a cap-and-trade policy.

The President concluded his public address by urging the members of the House to pass the Waxman-Markey Biill:  "we all know why this is so important.  The nation that leads in the creation of a clean energy economy will be the nation that leads the 21st century global economy.  That is what this legislation seeks to achieve."

A vote in Congress on the Waxman-Markey Bill could come as early as this Friday.

Read President Obama's full transcript at the New York Times.