United States Senate Committee On The Budget

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**FILE** Having labeled it "Debt on Arrival," Republican Sens. Jeff Sessions (left) of Alabama, the Senate Budget Committee's ranking member, and John Barrasso of Wyoming react to President Obama's fiscal 2013 federal budget on Feb. 13, 2012, during a news conference on Capitol Hill. (Associated Press)

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**FILE** Defense Secretary Leon E. Panetta (right), accompanied by Army Gen. Martin E. Dempsey, chairman of the Joint Chiefs of Staff, testifies on Capitol Hill in Washington on Feb. 28, 2012, before the Senate Budget Committee on the Pentagon's fiscal 2013 budget. (Associated Press)

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ASSOCIATED PRESS Senate Budget Committee Chairman Kent Conrad

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ASSOCIATED PRESS Senate Budget Committee Chairman Kent Conrad

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ASSOCIATED PRESS Senate Budget Committee Chairman Kent Conrad, North Dakota Democrat, is preparing a fiscal plan that calls for a complete overhaul of the tax code but would leave Social Security untouched.

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Sen. Jeff Sessions, ranking Republican on the Senate Budget Committee, discusses last week's budget deal and the debt ceiling on CBS' "Face the Nation" on Sunday. He said President Obama must do more than just give a speech he is planning this week. (Associated Press)

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Senate Budget Committee Chairman Kent Conrad (second from left), North Dakota Republican, and Senate Foreign Relations Committee Chairman John Kerry (second from right), Massachusetts Democrat, leave the Senate chamber at the Capitol Wednesday after voting on the spending bill. Late Wednesday, the Senate rejected competing Republican and Democratic spending bills. (Associated Press)

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Office of Management and Budget Director Jack Lew appears before the Senate Budget Committee to defend President Obama's fiscal year 2012 budget as Republicans and Democrats on Capitol Hill square off on federal spending, in Washington on Tuesday, Feb. 15, 2011. (AP Photo/J. Scott Applewhite)

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**FILE** Glen Perkins delivers copies of the fiscal 2012 budget to the Senate Budget Committee hearing room in Washington on Feb. 14. (Bloomberg)

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Copies of President Obama's 2012 budget are delivered to the Senate Budget Committee, Monday, Feb. 14, 2011, on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite)

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House Budget Committee Chairman Paul Ryan, R-Wis., left, and the Senate Budget Committee's top Republican, Sen. Jeff Sessions of Alabama, right, give the GOP response to President Obama's budget submission for Fiscal Year 2012, on Capitol Hill in Washington, Monday, Feb. 14, 2011. (AP Photo/J. Scott Applewhite)