I'm going to stick my neck out here and say that this may not be an altogether bad thing. From the article: "The foreign work visas were originally established to help U.S. companies recruit from abroad when they couldn’t find qualified local workers. But in recent years, there have been allegations the programs have been abused to bring in cheaper workers from overseas to fill jobs that otherwise may go to Americans…
The best scenario for U.S.: Hiring only locals
The worst scenario for U.S.: Offshore outsourcing
The base scenario for U.S.: Hiring H1Bs
If H1B is banned or becomes effectively useless, many companies will go for the worst scenario. Even now, big tech companies have been investing on their offshore dev centers. H1Bs pay taxes and spend their money here.