President Obama is focused on three things this year -- economy, energy and education. He passed another obstacle yesterday when the House of Representatives passed legislation intended to address global warming and transform the way the nation produces and uses energy.
The legislation, which passed 219-212, with eight Democrats voting against it, could lead to profound changes in many sectors of the economy, including electric power generation, agriculture, manufacturing and construction.
At the heart of the legislation is a cap-and-trade system that sets a limit on emissions of heat-trapping gases while allowing utilities, manufacturers and others to trade pollution permits, or allowances. The cap would grow tighter over the years, pushing up the price of emissions and driving industry to find cleaner ways of producing energy.
The President praised this historic energy legislation in his weekly address:
The battle for this energy legislation now moves to the US Senate. I hope that it passes because I think that America needs to find a way to create jobs and become a world-class leader in the so-called 'green' economy.
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