"S. 2611 would essentially triple the current green cardÂ cap (â€œimmigrant visa capâ€) for employment-based green cards (to 450,000 annually for 10 years) and double the number of family-based green cards (to 480,000 annually). " http://rpc.senate.gov/_files/L37Immigration051506LB.pdf
That would reduce the waiting time for the current applicants and new alike.Â Time to get it started if you are planning for. Have a look at the current processing times for Greencards, you would have an idea of what is current waiting time. It sucks. If you file on EB2, it takes about 3 years, and on EB1 it takes around 5 years.
Employment- Â Based
Check the latest here. http://travel.state.gov/visa/frvi/bulletin/bulletin_2924.html