That depends. No one knows for sure, but here's my prediction (based upon past experiences):
1) If the gun-grabbers succeed in banning certain items (ie: "assault" weapons and hi-cap magazines) then I suspect the panic buying will get worse, and remain bad for a while. In that scenario I predict that AR-15's and high-capacity magazines will continue to go up in price, and become more scarce, as one would expect. Also, I suspect ammo and components will become scarce (or more scarce) for quite a while.
2) If the gun-grabbers fail to pass more laws on this subject, I imagine the fight will go on for a while. In that case I suspect it will be two years or so before things really start to normalize in the industry. In 2008 no laws were proposed, and Obama's election was enough to throw the industry on its head for nearly 18 months or so (I couldn't find primers locally for the better part of a year).