The US has expressed opposition to the Danish/EU "peace plan" (report).

The Americans say it is "too detailed" and that they weren't consulted sufficiently, but my interpretation is that the US justifiably objects to an initiative now while Arafat is on the way out and there are indications of reforms within the PA. Also, since the "Bush speech", the US is no longer sympathetic to the European inclination to give the Palestinians real gains in exchange for vague promises.