I couldn't be happier that HR1606 was defeated.
McCain-Feingold, a ridiculously bad law, will not last long, in my opinion. People will not shut up about the elections 60 days before the next one, and the FEC will have to enforce it, and it will be challenged, and I don't see how it can stand up in court.
Had H1606 (Hensarling-Reid) passed, it would have smoothed over the results of McCain-Feingold and made it more difficult to get rid of.
The defeat, largely on party lines, can also be used as a club against Democrats next election season. Although people don't seem to care much, and it would be a dishonest attack in a lot of ways.
UPDATE: For a much more insightful explanation, John Stossel to the rescue.
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