The White House received the Consumer Product Safety Commission Improvement Act of 2008 (H.R. 4040) on August 6th, giving the president until August 18th to sign the bill into law. Apparently the Congress had delayed sending the bill to accommodate the president's travel schedule to the Summer Olympics.
The president has 10 days, excluding Sundays, in which to sign the bill into law. All indications are that President Bush will sign the legislation.
As noted here at MassTortDefense both houses of Congress passed the CPSC reform bill with near-unanimous support.