WASHINGTON — The recently formed congressional budget conference committee could include changes to sequestration and/or broad principles for tax reform in any agreement, if it is able to reach one, observers in the municipal bond market said.

The committee was formed as part of the deal to reopen the federal government through Jan. 15 and suspend the debt limit through Feb. 7. It is made up of both Republicans and Democrats and is responsible for producing a budget resolution by Dec. 13 that gives instructions about spending and revenue levels for fiscal 2014 so appropriations committees can pass spending bills.

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