Therefore, while the House and Senate on Friday approved a two-year highway extension, a five-year flood insurance extension and a one-year extension of the low student loan interest rate, that bill will not take effect until next week sometime, and the one-week extension for highway and loans will be in effect.

After the longer-term bill, H.R. 4348, is enrolled, it will be presented to President Obama for his signature into law, possibly after the July 4 holiday.

The one-week bill does not include any extension for the National Flood Insurance Program, since the NFIP does not expire until the end of July.

The House approved the bill shortly before 2:30 p.m., and the Senate approved the bill shortly before 4 p.m.

— This story was update at 3:59 p.m. to update with the Senate vote.