According to USA Today on Oct. 16, President Obama is expected to sign the bill as soon as it reaches his desk.
Earlier in the night, the Senate pass the bipartisan compromise 81-18, with all the "no" votes coming from Senate Republicans. House Speaker John Boehner, risking the wrath of his fellow conservatives in the House, brought the bill to a vote in House, where it sailed 285-144, with all 144 "no" votes coming from House Republicans.
The deal will reopen and fund the federal government until January 15 after a two week shutdown which reportedly cost the economy billions of dollars in lost economic activity. The bill will also raise the nation's $16.7 trillion debt ceiling thru February of next year and also require GOP and Democrats to form a Budget conference to try to resolve future budget showdowns.
Senate Majority Leader Harry Reid (D-NV) told reporters after the Senate vote:
The compromise we reached will provide our economy with the stability it desperately needs.
Senate Minority Leader Mitch McConnell, who step in to negotiate with Reid on the compromise after talks between the House GOP Leaders and the White House stalled, told reporters:
This has been a long, challenging few weeks for Congress and for the Country. It is my hope that today we can put some of those most urgent issues behind us.
After the Senate passed the compromise, President Obama made a brief statement which praised both leaders in the Senate for averting a default that could had thrown the nation's economy into a tailspin. He told reporters:
My hope and expectation is everybody has learned that there is no reason why we can't work on the issues at hand, why we can't disagree between the parties while still being agreeable, and make sure that we're not inflicting harm on the American people when we do have disagreements.