I've read the "rebuttal"; it doesn't rebut anything. It contradicts a few things that it claims the Republican memo said that weren't actually said. It actually admits most of the damaging points. It provides little or no new information (I didn't notice anything new). It does highlight the Dem side of some points; to pick an example, the Dem memo emphasizes that the FBI did not pay Steele for his dossier work. It does not mention that they planned to pay him for it, and indeed had already authorized the payment, before it came to light that he was talking to the press and they had to fire him... but they kept using the dossier before the FISA court.
If anything, the Dem memo is damning. They're admitting the Republican memo got the facts correct and they are claiming that surveillance of political opponents is routine and acceptable. I don't think that will fly in America.