The Kerry-Boxer bill (pdf), the "Clean Energy Jobs and American Power Act," comes in at 821 pages, starting with a mandate by 2020 to curb the nation's greenhouse gas emissions by 20 percent from 2005 levels. It omits many details, leaving negotiations with Democrats and Republican moderates to fill in the blanks.

But the measure offers specifics on several critical issues, ranging from incentives for natural gas and nuclear power to how Congress can promote tree planting and sustainable farming practices as alternative compliance options for industry.

The bill's sponsors also sought to change the legislative lingo surrounding the bill, dropping references to "cap and trade." Instead, Boxer and Kerry released a summary of their bill that labeled greenhouse gas trading provisions as a "Pollution Reduction and Investment" program. Boxer also touted a proposal allocating emission allowances that is aimed at fiscal conservatives who think past climate proposals cost too much.

"The bill does not add one penny to the deficit," Boxer said. "We're very excited about that."