P.S. Fred was probably counting on GWB keeping his promise to veto McCain-Feingold.
Yes. There was huge pressure from the media to "reform" campaign contributions and supposedly eliminate dirty money. At least some of those who finally voted for it, after having voted against it for many years, did so because they thought that Bush would veto it. So they could pacify their constituents while still not seeing the bill pass.
Bush should have vetoed it. He couldn't have been more villainized by the media than he already was, and he could have given a speech emphasizing that it was a first amendment freedom that he was supporting.