Excitement by Conservative party (8)

I believe the answer is:

carousal

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'party' is the definition.
(I've seen this before)

I don't understand how the rest of the clue works.

(Other definitions for carousal that I've seen before include "Lively drinking party" , "Merry drinking spree" , "Merry drinking party" , "rave" , "Bacchanal" .)

I've seen this clue in The Telegraph.

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