What does the phrase "This is huge. Oh, crap." mean in this conversation?

A: Motion to re-ratify the contract for the Central Park League. All in favor.
: Aye.
Leo: No.
Paige: What's going on?
Editor in chief: Councilman Leo Shallenhammer just voted no.
Paige: But everyone else voted yes.
Editor in chief: If the vote's not unanimous, the Park League contract automatically goes into debate period. So they have 60 days to debate it and get it ratified. And if not, their contract with the city ends.
Paige: We're talking about Central Park? The one that's central? The park that's in the middle?
Editor in chief: Are you really a reporter?
Paige: This is huge. Oh, crap.