if you are its just a ton of requests to the steam servers for updates etc. give it a few to clear up if it doesn't after about 10 mins give your computer and internet modem a restart.
yep, nothing helps your internet speed like a quad-core
/sarcasm
After an update, the servers are always strained to handle the simultaneous requests to push out the update to end users. If you have a slow internet connection, try getting the update during off-peak hours, maybe 4:00 to 5:00 am
After trying all night from Poland gawd knows how many other places across the world, I gave up, uninstalled steam and reinstalled. Worked like a charm afterwards. Of course I'm still downloading games....