What is 'reconciliation,' and why is it a threat?

From Newt Gingrich on Human Events on March 3:

During last week's health summit, Senate Majority Leader Harry Reid uttered a remarkably dishonest and, in retrospect, ironic statement, claiming that "nobody is talking about reconciliation" to pass the health bill.

It was a dishonest statement because Democrats have been openly floating the specter of passing the health bill using reconciliation since it first became obvious it would have difficulty passing the Senate, including just days before the summit by Sen. Reid himself.

It was ironic because it seems that all the cable news shows, talk radio, blogs and pundits have been talking about since the summit is whether President Obama, Harry Reid, and House Speaker Nancy Pelosi will use the Senate budget reconciliation process to pass their big government, big bureaucracy health bill.

But what exactly is the reconciliation process? And why, exactly, is it so controversial a move to pass the health bill?

Read more.