Even if the Senate passes a bill, it will go to conference to be reconciled with the House bill. Thanks to what the POTUS proposed tonight, a more conservative bill is likely to come our of conference.
We can only hope that the House bill is the only one to survive this debacle. I can recall Bush signing McCain-Feingold and saying he had serious reservations about parts of it being unconstitutional. Still he signed it. He depended upon the Supreme Court to the dirty work for him. It didn't work out that way and now we have restrictions on political speech.