Assuming the Senate passes the bad bill, the president will veto.
The “lemonade” angle (quoting one Beltwayer working on these issues) for Senate action on stem cells: There are two pieces of legislation that focus on alternatives to embryonic-stem-cell research that may too come out of the Senate that won’t be vetoed. One banning fetal farming (pregnancies for research) and one funding alternative techniques for embryonic-like cells without embryos (things like cell reprogramming).