If this had been America, we would now be heading for immediate government funding shutdown - as it is the cabinet might indeed fall after the budget vote tomorrow, and there might be extra elections in two months or so, but this all depends on who votes how.
The elections back in September produced no stable majority in parliament for any of the more likely coalitions, and the anti-immigration and, well, populist Sweden Democrats party (the closest we've got to a Tea Party around here) got their long-awaited big breakthrough in vote terms and became the third largest body in the parliament. Trouble is, nobody else wants to be seen to govern with their suppport and SD tend to put issues of repelling immigration and holding down whatever they see as immigration-related spending or such measures down before anything else. So it's been an open question all through the autumn how they would act at the main budget vote. This afternoon they declared they would first vote for their own proposal, then when it fell through, side with the centrist and right-wing parties (the current opposition, former government base) to try to push through the budget handed down by these parties - though the same ("mainstream") opposition has stated before that they are not willing to form a government with the support of the SD, or climb into the driving seat even after their budget has gone through.
In U.S. terms the proposed situation is as if John Boehner and Ted Cruz would be writing the entire state budget and imposing it on the government but refusing to have anything to do with executing any of it themselves and taking any direct responsibility. Unlike the US, it's not a normal part of political conditions here that the executive branch and parliament could be dominated for a long time by different (opposing) political sides or blocs; the cabinet has to have some form of steady trust by a majority in parliament at key times (just like in the UK really, except we never had a two-party system). So, what happens tomorrow and after is quite open - the anti-immigration party likely decided to do what most of their voters would have wanted them to do, but with their own party leader on long-term sick leave (he has been very much a part of their rise) and one or two other opposition parties having very shaky top teams, it's a safe bet that some of the opposition parties do not want a fresh parliamentary election if they can avoid it at any cost.