The answer is no, he will veto it. But democrats will claim that they "did something" and so they can't be held accountable at election time.
They will be held accountable for voting for it and not reading it.
That’s what I’m afraid of and let’s be honest - Americans seem to have very short memories. If this passes and Obama signs it - they will look like heroes. And the stupid Republicans will slap them on the back with “thataboys.”