Tor will probably continue to exist. It's originally a Navy project but it exists specifically so people in other nations can tunnel through their country's firewalls and escape monitoring. Furthermore, many of these organizations will just move to Europe and the US will not be able to stop users from downloading them.
My main concern at this juncture is that Google, Amazon, etc will oppose it initially and then get some kind of exemption. This would likely force smaller companies offering end-to-end encryption technology out of business (at least in America) but allow for centralized services. In other words, Gmail will encrypt your connection for you to use, but the e-mails will sit on their server and be decryptable by them, and if you choose to GPG the text then it will be a crime.
That is the real worry. Corporations backing it. EFF and ACLU are cucked these days and should be fighting it harder.
Definitely call up your congressman and senators and complain loudly. This cannot be allowed to pass. We will all become criminals overnight.