Despite privacy concerns, CISPA passes in the House

Toby: The President said he was gonna veto the bill. C.J. announced he was gonna veto the bill. He's gonna veto the bill.

[...]

Josh: Sir, if the House successfully overrides the veto, we're gonna look weak.

Bartlet: If the House successfully overrides the veto, we are weak.

In essence, if President Obama fails to make good on his promise to veto it, he will look weak and cannot use it as a negotiation position next time. Congress won't believe him.

So yeah, I'm pretty confident he's gonna veto it, regardless of his actual position on the law (which may be good enough). But in terms of politics, not vetoing it would be a blow. Hopefully they won't override his veto.