Factbox: Key dates in deficit-reduction effort

(Reuters) - A special deficit-reduction committee of the U.S. Congress is in feverish negotiations to meet its fast-approaching deadline to find at least $1.2 trillion in government savings over the next 10 years.

The "super committee" was established in early August after President Barack Obama and Congress failed to agree on significant, long-term measures to reduce federal budget deficits that have topped $1 trillion in each of the past three years.

Instead, a $917 billion deficit-reduction package was enacted, coupled with provisions to raise U.S. borrowing authority and avoid a government default on its debt. Financial markets had been hoping for more like $4 trillion in savings to put the United States on a fiscally responsible course.

The law that created the super committee granted it unusual powers to rush legislation through Congress if a majority of its six Republican and six Democratic members can come up with a plan.

Here are key dates in the super committee's work:

* NOV. 21 is the deadline for a deal to be presented to all members of the super committee. By this date, the Congressional Budget Office would give its estimate of the impact of the legislation on budget deficits. Once the deal is publicly posted, there is a 48-hour period before the super committee can vote on the deal.

* NOV. 23 is the deadline for the super committee to vote on a deficit-reduction plan. A simple majority of the 12 members, or at least seven, would have to agree for the measure to advance. The super committee members would be voting on specific legislation to carry out spending cuts and/or tax increases. A report would contain a detailed statement of findings, conclusions and recommendations.

* DEC. 2 is the deadline for the super committee to "report" any deal it approves to Obama and congressional leaders. This moves the legislation out of the super committee and into the regular machinery of Congress.

* DEC. 9 is the deadline for regular committees of Congress, which might have some oversight of the deficit-reduction bill, to advance the legislation. But these panels cannot amend the deal. If these panels refuse to act, the legislation is "discharged" from their oversight.

Two days after the super committee advances the deal or it is discharged from all other committees, the Democratic leader of the Senate can queue up the legislation. A maximum of 30 hours of debate on the bill is allowed and a minority of senators is not allowed to put up procedural roadblocks to slow it or block it.

* DEC. 23 is the deadline for the House and Senate to pass the super committee's deficit-reduction deal. No amendments are allowed.

* If either the November 23 or December 23 deadlines are missed, any deficit-reduction legislation would no longer enjoy the special treatment that prohibits amendments to the legislation and procedural roadblocks.

* JANUARY 2013: If the super committee fails to embrace a deal, this is when automatic spending cuts of $1.2 trillion begin to phase in over 10 years. The cuts would be split evenly between domestic and defense programs.

* DEADLINE EXTENSION? If the super committee needed more time, it could ask Congress for an extension. But plenty of experts are skeptical there would be enough votes for passage.

* VETO OVERRIDE: If Obama were to veto any deal passed by Congress, there would be a quick move by each chamber to overturn his decision.

(Reporting by Richard Cowan; Editing by Cynthia Osterman)