Summers: Energy and climate bill a top White House 2010 priority

National Economic Council Director Lawrence Summers on Tuesday said that passage of comprehensive energy legislation is a top White House priority in 2010.

"Going forward for the rest of this year a bipartisan energy solution is an absolutely crucial priority for the president," Summers said in a Washington, DC speech at a conference hosted by the federal Energy Information Administration.

He said there is "increasing evidence" of bipartisan support, citing work on legislation in the Senate.

Sens. John Kerry (D-Mass.), Lindsey Graham (R-S.C.) and Joe Lieberman (I-Conn.) plan to roll out a bill later this month that would limit greenhouse gas emissions while expanding federal support for nuclear power, offshore oil-and-gas drilling and low-emissions coal projects.

Summers called energy policy vital to U.S. economic prosperity, while labeling climate change a major global threat.

He drew several connections between energy and the economy. For instance, he noted that power companies and other businesses need certainty about emissions policy to make investments.

"The cheapest stimulus program in the world is enhanced confidence," Summers said. He also noted the costs of reliance on oil imports, calling it a drag on the economy.

"Clean energy legislation will strengthen our international competitive position," Summers said.