S. 773, "The Cybersecurity Act of 2009

"A bill to ensure the continued free flow of commerce within the United States and with its global trading partners through secure cyber communications, to provide for the continued development and exploitation of the Internet and intranet communications for such purposes, to provide for the development of a cadre of information technology specialists to improve and maintain effective cybersecurity defenses against disruption, and for other purposes."

Currently to the senate to vote as of 24 March, 2010.

What is being argued: A new Cybersecurity bill would grant the President unprecedented power to shut down the internet and ignore privacy laws.
(I think "President" should probably be replaced by "government".)