In his weekly address on Saturday, President Barack Obama praised Democratic Congressional leaders for their breakthrough on climate and energy legislation as a “promising sign of progress” on a top issue for his administration.”

“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,” said Obama.

“Longtime opponents are sitting together, at the same table, to help solve one of America’s most serious challenges,” he continued.”For the first time, utility companies and corporate leaders are joining, not opposing, environmental advocates and labor leaders to create a new system of clean energy initiatives that will help unleash a new era of growth and prosperity.”

He also praised the bill itself, which he said will “reduce our dangerous dependence on foreign oil and cap the carbon pollution that threatens our health and our climate,” and will create “millions of new jobs for Americans.

“This we know: the nation that leads in 21st century clean energy is the nation that will lead the 21st century global economy,” said Obama. “America can and must be that nation – and this agreement is a major step toward this goal.”

Watch the YouTube of his address: