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Several attempts at reaching a grand bargain on the deficit have blown up over the House GOP's insistence on not increasing revenue. Reid last week warned that the committee would not produce a bill unless Republicans agreed to revenue.
Failure to produce an agreement would trigger an automatic $1.2 trillion cut in defense spending, Medicare and other programs starting Jan. 1, 2013 — the same date the 2001 and 2003 Bush tax cuts expire.