When key House chairman and moderate House Democrats on Tuesday agreed to a White House-backed proposal that would give an outside panel the power to make cuts to government-financed health care programs, Politico reports, White House budget director Peter Orszag declared the plan “probably the most important piece that can be added” to Obama’s health care reform plans.

Sadly for Orszag, Congressional Democrats and the American people in general, the Congressional Budget Office now says that the cuts would save the U.S… virtually nothing.| MORE ›