In the context of parliamentary procedures, what is the significance of the "guillotine"?

1
It is a parliamentary privilege that allows members to speak without time restrictions during debates.
2
 It is a procedural tool used by the Speaker of Lok Sabha to curtail debates and ensure timely completion of legislative business, especially during the budget session.
3
It is a parliamentary committee responsible for scrutinizing the government's expenditure and ensuring fiscal discipline.
4
It is a mechanism for resolving disputes between the Lok Sabha and Rajya Sabha through a joint sitting of both houses.
5
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