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July 9, 2011

“Obama may well offer substantial reform of entitlements a decade down the road, in return for a GOP concession on taxes today. On the surface it will look like Obama is willing to break with his base, and in a sense he would be, as Nancy Pelosi will prostrate herself in front of the Social Security Administration. But Speaker Boehner should nonetheless say “Nyet” to this deal, as we’ve seen this movie before—with the 1982 budget deal that was supposed to deliver $3 in spending cuts for every $1 in tax increase. (It had the opposite effect: one study concluded it results in $1.06 in new spending for every $1 in new taxes.) “


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