Here's how this plays out:
1. Senate won't approve.
2. Repubs will use as fodder to replace Dems that didn't approve it.
3. House will re-pass.
4. Senate will re-pass.
5. POTUS will not sign, either Romney or Obama.
This will turn into a non-functional polarizing perennial issue to distract us deliberately, along with abhorshins, flag burning, 2A, "official language," and illegal immigration. SuperPACs will grow up around it and lobbyists will get lifelong careers out of batting this issue around the halls of Congress.