Ohh i know this bill is by no means alone in the big pile of crazy that goes on, but the difference is, this bill is backed by a majority of the Senate, it has a real shot at passing.
That's the problem, it's cheap, it's handing over control of the internet to private corporate organizations who are both willing and able to pick up the tab for it, and will require little upkeep from the Government.
What this bill proposes to do, at it's core, is simply to make it really easy for corporations to shut down their competition, without a court order or even hearing required to do so. It makes every site owner directly responsible for anything posted on their domain, even if it is user supplied and they have no control over it, if any media giant see's anything of theirs on the site (even if it's just a video of somone talking with a radio on the the background, playing a pop song), they can shut down the entire site at will with just a phonecall to the ISP, and the ISP will have to make the site unlisted.
It's circumventing due process, fair use and all reasonable measures to assign personal culpabillity to the people actually in the wrong, just so it will be easier for groups like the RIAA and Disney to stomp out anyone who doesen't play by their rules. Shutting down a pirate is hard, but stomping out the site he posts on will be easy as pie, and that's just one less potential rival in the world, so it's a win/win for them to do so.
The costs won't fall on the US Government, they will fall on the private sector, and mainly the smaller sites who won't have the capital to fight back against it, and will have to employ extreme measures of self-censorship to stay alive.