President Obama offered extensive remarks on global warming policy and supported a cap on carbon at a recent Business Roundtable meeting. The president warned the chief executives from some of the world's biggest companies of the costs of inaction.

The president told the attendees that the United States will not be able to move on energy and climate action in an effective way without partnership with the business community.

President Obama, with Education Secretary Arne Duncan and White House energy and climate adviser Carol Browner seated at his side, spoke of the benefits of a market-based program.

"We want to create a price structure. Keep in mind that the reason that I'm interested in a cap-and-trade approach is precisely because I think the market makes decisions about these technologies better than we do."