President Barack Obama praised the Congress for reaching an agreement on comprehensive energy legislation last week.

Chairman Henry Waxman and members of the Energy and Commerce Committee brought together stakeholders from all corners of the country - and every sector of our economy - to reach an historic agreement on comprehensive energy legislation, President Obama said in his weekly address on Saturday.

Obama said the agreement is a major step towards the United States becoming energy independent, as well as reducing the country's carbon footprint and taking steps for the creation of millions of new green jobs.

I am heartened by what we have seen these past few days: a willingness of those with different points of view and disparate interests to come together around common goals, Obama added in his remarks.

Democrats at the House Energy and Commerce Committee finalized changes to the American Clean Energy and Security Act which is expected to be voted in Congress ahead of Memorial Day, Chairman Waxman said on Wednesday.

The energy bill is regarded as one of the most important pieces of legislation in decades. Its proposals include a limit on carbon emissions, a renewable energy standard and a cap and trade system for pollution allowances. The climate bill has the goal of reducing greenhouse gas emissions of 17 percent from 2005 levels by 2020.

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