It includes tightening border security, strengthening an employment verification system and streamlining the legal immigration process.

WSJ: Obama Praises Immigration Proposal

Both seek new border security measures, a tougher employer-verification system and a path to citizenship for the 11 million people now in the country illegally.

WSJ: Obama, Rubio Push for Immigration Overhaul

In addition, the secretary of Homeland Security must have "implemented a mandatory employment verification system to be used by all employers to prevent unauthorized workers from obtaining employment in the United States, " according to the bill summary.

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After 10 years, people with provisional legal status could apply for permanent residency if the new security and fencing plans were operating, a new mandatory employment verification system was in place, and a new electronic exit system was tracking who leaves the country.

NPR: GOP: Stronger Borders Or Immigration Bill Will Die