Markey, who wrote a 946-page bill with Rep. Henry Waxman, D-Calif., told the World Economic Forum in Davos, Switzerland, that President Obama has the power to regulate greenhouse gases by executive order if Congress fails to act. But he said he expects a bill to pass because paying for imported oil has been a major contributor to the U.S. deficit.
"The reason that I believe that will happen is that it is in our national security and long-term economic interests," Markey said.
President Felipe Calderon of Mexico said a U.S. clean energy bill would create opportunities for both countries. For example, he suggested, solar-power farms on the border would provide clean electricity.
Mexico is to host COP16, the next Conference of Parties to the U.N. Framework on Climate Change. Calderon said the meeting must set targets for greenhouse gases.