Congress easily passed the debt ceiling bill Monday evening, but the Senate won't meet for a vote until late Tuesday morning.
If passed and signed by President Obama, the bill will cut $2.1 trillion in spending and raise the debt ceiling limit by 2.4 trillion.
Americans won't likely feel the spending cuts for another year, but how the economy performs between now and then will help determine how severely those cuts will be felt.
For starters, local economist Jeff Pinkerton with Mid-America Regional Council says passing the bill will have a positive effect on the economy, "We took an unsure thing out of the picture. Once this passes we'll know where we stand and will be able to go forward from here."

The bill calls for 2.1 trillion in spending cuts.

Kansas Congressman Kevin Yoder says the effects at the beginning will be small, "In the first year the reduction will be about 21 billion dollars which is about half of one percent." The rest will be spread out over ten years.
Pinkerton believes that's enough time to stabilize the economy to deal with the losses. "Once the economy starts to pick up i think we'll be able to handle those cuts a little bit easier because the private sector will be doing its share of the work. "

And Yoder says those cuts will likely come from bureaucracy in Washington, D.C.

"The bill specifically protects medicaid, specifically protects social security, specifically protects vet benefits," he said. "What it doesn't protect is medicare and defense spending."

As for raising the debt ceiling, Yoder says it's been commonplace for the last 45, 50 years. "The President now has additional authority to go out and sell U.S. treasuries to investors who will use that money to fund the operations of the federal government."

As for local and state governments, officials are still awaiting details.

"There's not going to be any part of the country or any facet of our society that aren't going to feel these cuts," said Pinkerton.

Congressman Yoder voted no on the bill claiming it didn't do enough to tackle spending or tax reform. Neither did Missouri Democrat Emanuel Cleaver, who said it cut too much from social programs.