As I mentioned earlier, today's breaking budget news is that the congressional budget committees released their budget blueprints. There are some notable differences between the House and Senate resolutions, and both differ from the president's proposal--the House plan, for instance, will drop the deficit to $600 billion over five years, compared to the $500 billion in the Senate plan, whereas the Congressional Budget Office predicted higher deficits under Obama's outline. Still the administration and congressional leaders are playing these differences down.
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There's some good reason for that, but the bigger issue still looms in the background: reconciliation. Reconciliation enables certain types of fiscal legislation--including, significantly, some of Barack Obama's major agenda items--to be bundled together and voted on immune from the threat of filibuster.
Republicans see this as a major threat and for the last several days have been lividly decrying the entire process, threatening to respond to any attempts to put health and energy reforms into a reconciliation bill by going 'nuclear'. Nuclear in this instance has nothing to do with atomic physics or with filibustering judges but instead with a senatorial tendency to indulge in hyperbole when describing their powers.