The ACES bill seeks to mitigate climate change via emission reductions, investments in energy technology, creation of clean energy jobs, and rigid standards for energy efficiency. Check out Grist for a valuable breakdown of the act.

ACES is far from perfect and required many concessions to pass. But did lawmakers compromise too much? The climate bill is getting mixed reactions: Proponents feel that ACES holds historical and environmental significance as the first legislation designed to combat global warming, whereas critics think the bill is little more than a "massive energy tax."