Screenshot (CNN)

What does the Senate bill do?

1. The bill re-opens the government until Jan. 15.

2. The bill increases the debt limit until Feb. 7.

What does this mean? If the bill passes the Republican controlled Hose, which at the time of submission has the bill, all government services will resume and employees will finally be paid. The increase in the debt limit allows the government to borrow money to pay for speeding Congress has already approved. The debt limit - or ceiling - increase is a blanket increase, which means there is no monetary limitation, but rather a date limitation.

The bill also, "set[s] up budget negotiations between the House and Senate intended to come up with a broader spending plan for the rest of fiscal 2014…"

The bill passed the Democratically controlled Senate 81 to 18.

In a Wednesday evening statement from the James S. Brady Press Briefing Room, President Obama said, '"Once this agreement arrives on my desk, I will sign it immediately. We'll begin reopening our government immediately, and we can begin to lift this cloud of uncertainty and unease from our businesses and from the American people."'

In a statement, Treasury Secretary Jacob Lew said, '"We welcome the bipartisan action Congress is taking to resolve this crisis, re-open the government, and lift the cloud of uncertainty hanging over the economy."'

The House still has to pass the bill, which could take time

Read Neon Tommy's continuing coverage of the debt ceiling here; read more of Neon Tomm's coverage of the government shutdown here.

Reach Senior Reporter Max Schwartz here; follow him on Twitter here.