Representative Henry Waxman has introduced his Safe Climate Act into Congress for consideration. I think that it's the strongest bill floating around Congress right now, but also probably the best. As David Roberts in that Grist link notes, the strength isn't just in the ultimate greenhouse gas emissions limits (80% decrease by 2050), but that it's structured to have small decreases on a yearly basis. That makes it very predictable, and prevents companies from delaying and delaying until it becomes exorbitantly expensive to comply. What's more, those limits are for a cap-and-trade system, which will give a bonus to those businesses and *cough* municipalities that are ahead of the curve.
The basic set-up (the bill also includes subsidies for new technology, including renewables and energy efficiency) is that emissions would be capped in 2010 at 2009 levels. They'd then decline 2% a year until 2020, when they'd hit 1990 levels. From that point on, they'd decline at 5% a year until 2050.
From an electricity perspective, that means we're in pretty reasonably shape. When the emissions limits kick in, CWLP's emissions will already be at 1990 levels. We'll have prices for CO2-limited electricity locked in until 2017 and 2018 (when our wind contracts expire, if everything goes according to plan). That's seven years when we can be investing in the next wave of lowering our CO2 emissions--maybe more wind power, but maybe solar in Springfield, geothermal, and superefficient retrofits of our existing homes. (Surely, all new homes will by that time already be net energy generators, right?)
Now, CWLP has indicated that it intends to keep all carbon emissions reductions from its wind power for itself/us. However, since those reductions are what allow CWLP to meet its obligations under a plan like Waxman's, it can sell 100% of its new reductions in the carbon trading system. That makes it even cheaper to start investing in our alternative energy infrastructure now--laggards in other states will be in effect subsidizing us.
Of course, CWLP can't solve all of our problems: we use a lot of oil, too, as well as natural gas, and we consume a whole host of energy-intensive consumables (like December grapes from Chile). That's why we need to start planning for CO2 limits now. The energy plan has given us one vital headstart. Let's not squander that.