In order for such a bill to become law then President Bush will have to sign it. Do you think he would?
I think McCain & Co were trying to get the FEC to implement the proposed new draconian anti-free speech regulations under the existing McCain-Feingold Act. No new laws or signatures required. In fact, they've used procedural wrangling to block any new laws that would've prohibited the new infringements. Someone on high needs to step forward and declare this whole shebang unconstitutional. Time to force a constitutional crisis!
Just a guess, but I’d say yeah.