The scary thing is that it might go into effect even if it is voted down in the house or senate. Remember, the FCC now has regulatory control over the internet now (even though the supreme court ruled that the government doesn't have the right to regulate it). That being the case, and given the track record of the current administration, the house and senate may get bypassed with the president just allowing the FCC to censor the internet through regulations.
If I'm wrong about anything that I just stated, please point it out because I feel this would actually happen if the bill gets voted down.