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Calling a one-year, $37.9 billion limit a “cap” on spending – especially when the Senate deal calls for a nearly $7 billion tax hike – is disingenuous. After just one year, lawmakers will be free to spend under the same old rules and policies that allowed them to create the budget crisis in the first place.

Comment: It has become entirely clear that the “grand bargain” is little more than a collection of gimmicks concocted to dress up a tax increase.

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