Senate and House pass a deal on the shutdown and debt ceiling: Now what?

Senate and House pass a deal on the shutdown and debt ceiling: Now what?

POSTED: Wednesday, October 16, 2013 - 10:59pm

UPDATED: Thursday, October 17, 2013 - 11:34am

 The House of Representatives has passed a short-term, bipartisan deal to end the partial government shutdown and avoid a possible U.S. default on the debt.

The Senate approved the deal earlier Wednesday night.

The deal will now go to President Barack Obama's desk for his signature. The president has already said he would sign the bill "immediately."

Here's a look at what happened Wednesday and what to expect in the coming hours:

AFTERNOON MEETINGS: House Republicans and Democrats met Wednesday with their respective caucuses to hear details of the Senate deal, which calls for the government to be funded until January 15 and the debt limit raised until February 7. At the GOP meeting, members gave House Speaker John Boehner a standing ovation.

WRITING THE BILL: As lawmakers hashed out the details, the bill wound up in legislative form.

MOVING THE BILL: The bill moved through the Senate quickly, thanks to special steps taken to expedite.

SENATE VOTE: The bill easily passed the Senate on Wednesday night. True to his word, Republican Sen. Ted Cruz of Texas did not interfere with the deal, but he did criticize its passage.

HOUSE VOTE: The House passed the after Boehner encouraged GOP support. The bill now needs the signatures of Boehner, the Senate's president pro tempore, the clerk of the Senate and the clerk of the House, among others. Then the bill will be "enrolled properly," according to the Senate secretary's office.

PRESIDENT'S SIGNATURE: Early Thursday morning, the President signed the bill, officially ending the 16-day shutdown.

LAW: Some federal workers could be back on the job as early as Thursday morning, and the United States can continue to borrow money to pay its bills. 

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Now What? We do it all again in January that's what. Fiscal Cliff 3! This isn't any kind of victory, it's comic opera. Cruz rolls his eyes and sings the Obama care aria in tenor. Pelosi screeches "your holding us hostage", in soprano. Meanwhile the rest of the world is short selling our currency. Watch the interest on those variable rate loans between now and January. Watch what the rise in rates does to the economy.

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