In it, but not of it. TPM DC
All presidential nominees expire when Congress adjourns for recess, unless the entire Senate agrees they can be carried over to the next session. Obama's had to renominate several of his picks after recent recesses because of this obscure rule, and with Republicans, and even some Democrats, objecting to so much these days, Reid's decision will allow all of Obama's nominees to remain valid when the Senate returns in November.
The main consequence, though, is that Lew and others will not be granted recess appointments.
That's no small problem. The Office of Management and Budget has been without a director for weeks, and that could hobble the office as budget season heats up.