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Conference Committee Charged With Budget Compromise

One of the two items Republicans can claim credit for in the fiscal deal is the agreement for House and Senate negotiators to meet in a budget conference committee. But what happens if this committee does not produce a result by its December 13th deadline? Probably nothing. There is no consequence beyond having to abide by spending levels already set by the 2011 debt-limit deal — a level Republicans say they want to preserve, anyway.