The document released by Democratic Senator Barbara Boxer, who chairs the panel, gave no details on emission reduction targets but promises to reduce emissions "to levels guided by science to avoid dangerous global warming" and to set targets that are "certain and enforceable", as well as adjustable.

The six broad principles included: setting short and long-term targets; ensure continued efforts to address global warming; establishing transparent and accountable market-based system to reduce carbon emissions to levels guided by science. It also includes investing revenues in clean technologies; assisting communities and businesses in adapting to global warming impacts; and providing incentives and deterrents will ensure a level global playing field.

Senator Boxer did not offer a firm timeline but expects the committee would produce the cap and trade legislation before climate change negotiations continue in Copenhagen this December.