Luckily that treaty failed in the Senate, it had 46 supporters though so expect it to resurface at sometime in the future, but for now it is unratified and not in effect for the US.
It didn't fail in the Senate, Harry Reid tabled it. This way it can be ratified when they get the votes they need.
I don't know how true this is but Dick Morris said that the Vienna Convention on the Law of Treaties states the treaty can be enforced until it is ratified or rejected. As long as the gov doesn't act on it, it remains enforceable since it was signed.