America has never submitted a detailed peace plan. Nonetheless, America has always had a well known position on mideast peace. That position is and always has been that there would be a separate and independent Palestinian state in the west bank and Gaza, approximately along the 1967 borders. The "Arab peace plan", or "Saudi plan" was made with the American position in mind, but fleshed out more details and was an official proposal. Israel did not reject it because this would be the same as rejecting America position. Instead, Israel took actions to moot that peace plan, and any peace plan. During the 2006 war, Israel killed over 1000 Lebanese civilians and bombed civilian targets over all of Lebanon in response to a minor border raid by Hizbollah. This sort of thing has a tendency to bury any talk of peace plans and it is only one example of Israels anti-peace action.
Four Libyan soldiers said killed in battle with Islamists in Benghazi (Reuters)
from the article: After 8 years, why hasn't Israel responded to the Arab peace initiative?