House Democrats won a close vote today and passed the American Clean Energy and Security (ACES) Act after deals were struck with key conservative Democrats over farming offsets and CO2 allowances. The vote was mostly along party lines at 219 - 212, though 30 Democrats crossed over to vote against it.

The 1,200+ page bill will put limits on greenhouse gas emissions and create a shift to renewable energy and away from dirty polluting sources like coal. Greenhouse gas emissions would be cut by 17 percent from 2005 levels by 2020 and 80 by the end of the century.

Republicans have been freaking out all over themselves to paint the legislation as "the greatest tax increase in American history" despite the findings of the Congressional Budget Office finding the average costs per household to be just $175 per year.

The lowest income bracket (out of five) would actually see a benefit of $40 a year.

President Obama gave a great speech yesterday about the importance of passing the bill. Check it out:

The bill is now headed to the Senate where it's expected a contentious battle for passage.

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