Last night, members of the Energy and Commerce Committee passed a comprehensive energy and climate bill, which will now move to the full Congress for debate. "When this bill is enacted into law," chairman of the House Energy and Commerce Committee Henry Waxman said, "it will break our dependence on foreign oil, make our nation the world leader on clean energy jobs and technology and cut global warming pollution."

The Salt Lake Tribune reported:

The legislation, known as a cap-and-trade proposal, sets an overall limit, or cap, on emissions. The government sells or gives away pollution credits then creates a market. A company that pollutes less than expected could then sell its credits to a company that polluted more than expected.

Over the years, the government would lower the pollution cap forcing companies to cut their emissions. The legislation would cut pollution by 17 percent, compared to the 2005 levels, by 2020. 

The bill passed along party lines, 33-25. Only one Republican -- Rep. Mary Bono Mack of California -- voted in support of the legislation, and four Democrats voted against it.

Following the vote, President Obama released the following statement:

I commend Chairman Waxman and the Members of the Energy and Commerce Committee for a successful effort to pass a comprehensive energy and climate bill out of their committee today. We are now one step closer to delivering on the promise of a new clean energy economy that will make America less dependent on foreign oil, crack down on polluters, and create millions of new jobs all across America. The bill is historic for what it achieves, providing clean energy incentives that encourage innovation while recognizing the concerns of sensitive industries and regions in this country. And this achievement is all the more historic for bringing together many who have in the past opposed a common effort, from labor unions to corporate CEOs, and environmentalists to energy companies. I applaud the committee for its action and look forward to signing comprehensive legislation.