WASHINGTON (CNN) -- Sen. John McCain, R-Arizona, is crafting a new Iraq resolution he hopes will blunt the impact of two other competing Senate resolutions opposing President Bush's decision to increase troops in Iraq.

The resolution "might be a way of calming the concerns that many of our colleagues have" by establishing specific benchmarks and increasing congressional oversight, McCain explained.

Lawmakers are "frustrated" by the "rosy scenarios" put forth by the administration about progress in Iraq and benchmarks will address those concerns, he said.

McCain noted the resolution is in an "embryonic" stage and he refused to discuss details, declining even to say with what other senators he is talking to. He did say he's not working with the White House on drafting it.

"There is a legitimate concern about the lack of congressional oversight (and) about sending Gen. Petraeus there saying we don't approve of his mission" he said. "One of the areas we really want to work on is setting some benchmarks so the American people and Congress will know if we're making progress or not."

Senate Foreign Relations Committee Chairman Joe Biden, D-Delaware, scoffed at what he called McCain's epiphany on benchmarks and said Democrats pushed for benchmarks a year and half ago but were accused by Republicans of cutting and running.

McCain said if the benchmarks aren't reached it will cause the U.S. to "examine" its mission.

"I think everyone knows the consequence," he said when asked what would happen if the Iraqi's did not meet his benchmarks. "Then you have to examine your mission. But it's important that we know whether they're meeting benchmarks or not.

The other two resolutions -- one sponsored by Biden and the other by Sen, John Warner, R-Virginia -- are expected to be debated on the floor next week or the following week, Senate Majority Leader Harry Reid, D-Nevada, said Thursday.

McCain said he didn't know if his resolution would be considered as part of the debate or not.