It goes back to both house of Congress to be amended and compromise language to be voted on before sending it back to the President for his signature. There are times, because of the calendar, that the bill will languish for months if not for years! It really depends on how popular the bill is. Both houses have to agree to the bill which they do when they come together for a conference to work out the differences and then if possible, send to the President. It can be a very laborious process.
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Probably the 2008 Farm Bill. That was less than 2 weeks ago.
When the president signs the bill, it becomes law. If the president refuses, the bill is vetoed, but if a two thirds vote by Congress, it can still become law.
It has to be passed by both houses of Congress before it can be vetoed by the President. In most cases, Congress may then re-consider the bill and if it is then passed by a 2/3 vote in each house, it will become law.
pocket vetoed
It is dead, just as if he had used the traditional veto. There is one major difference. A bill that is pocket vetoed does not automatically go back to Congress for consideration of an override of the veto. Such a bill must be re-introduced as a new bill at the start of the next Congressional session. Then it gets treated as a new bill, meaning it canbe passed by simple majority, sent to the president for approval and vetoed (or not) in the usual fashion. Then it goes back to Congress for consideration of an override of the veto.