The issue for opponents was their perception that the bill was unconstitutional. They felt unions and corporations, which have a strangle hold on this country's electoral process, should have the right to pour hundreds of millions of dollars into last-minute TV ads to influence elections. Republicans are better at raising hard money, but both parties raise a roughly equal amount of soft money. Soft money isn't supposed to be for or against any particular candidate. We all know this is a sham.
Hard money is regulated.
It faces some uncertainty in the House, and again if it goes to a conference committee afterward. But it will probably pass and President Bush will probably sign it. Because it's popular. The bill is not perfect. It would have been nice, for example, if it contained provisions requiring unions and corporations to get permission of members and shareholders before spending their money in political campaigns.