Until some variable flips, and Steam starts asking you to log in for an update. :shrug:
I've had this happen to me, it was the most obnoxious thing ever. Because of course, if for whatever reason steam thinks it needs an update, or one of your games does, you cant do anything or play any of it until its fixed its self... And of course it'll never happen until that time you have no internet for an extended period of time.
I'm sure theres ways around that though...