Bush sought a continually renewable program, while workers "earned a path to citizenship." See "Immigration Bill Suffers Setback in Senate Vote," New York Times.

The vote on [Senator] Dorgan’s amendment was a surprise because the Senate had previously rejected a similar proposal. ... Dorgan said, “The main reason that big corporations want a guest worker program is that it will drive down U.S. wages.” Senator John McCain, Republican of Arizona, a co-author of the Senate bill, denounced Mr. Dorgan’s proposal as “an attempt to kill the legislation.”

Compare this to President Bush's vision of the Guest Worker program:

I propose a new temporary worker program that will match willing foreign workers with willing American employers, when no Americans can be found to fill the jobs. This program will offer legal status, as temporary workers, to the millions of undocumented men and women now employed in the United States, and to those in foreign countries who seek to participate in the program and have been offered employment here. This new system should be clear and efficient, so employers are able to find workers quickly and simply.

All who participate in the temporary worker program must have a job, or, if not living in the United States, a job offer. The legal status granted by this program will last three years and will be renewable -- but it will have an end. Participants who do not remain employed, who do not follow the rules of the program, or who break the law will not be eligible for continued participation and will be required to return to their home.

(President Bush Proposes New Temporary Worker Program," Office of the White House Press Secretary, January 7, 2004)