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When the president takes no action on a bill for more than 1 0 days, and Congress is in session, what happens to the bill?

When the president takes no action on a bill for more than 10 days, and Congress is in session, what happens to the bill?
It passes, only without express presidential approval via a signature.
It dies, since the president has vetoed it in effect.
The bill passes after the executive and Congress iron out differences over the legislation.
It survives, but Congress must reconsider it in the context of presidential statements on the legislation.
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