Translated: the reconciliation bill, which would amend the Senate health care bill, will likely be on hold in the Senate until the President signs the latter into law. Assuming the ruling is made official, it could be overturned by the Senate chair--likely Vice President Joe Biden--but there's little-to-no precedent for such a maneuver.
That could unnerve some House Democrats, many of whom don't want the Senate bill signed into law until after the reconciliation bill has been passed by both the House and Senate. They worry that the Senate won't be able to follow through with its promise to pass a reconciliation bill, and that the result will be that the Senate health care bill will become law without any changes.
Nevertheless, Senate Majority Leader Harry Reid sent McConnell a sternly worded letter this afternoon, vowing to press ahead with reconciliation anyhow. Perhaps that will put House Democrats' minds at ease.
Reid's office had no comment on this story.