The proposal is to grant the power to partition the Internet. So, it would not be analogous to how Egypt disabled the Internet almost entirely within their borders. Depending on how you look at it, it's either a subtle distinction, or a huge difference. It still serves the exact same purpose (granting the power to shut down "troublesome" communication channels even if they are physically located outside the country). On the other hand, its activation would not in and of itself impact the vast majority of American citizens (because they only use U.S.-based sites).