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Think about it. In the span of a day, we started by thinking there was definite progress, then went to thinking there was no progress. Then, by the end of the day we came to this realization: Not only was there no progress, but things have grown worse -- maybe much worse -- with a proposal from the Democrats that basically says, "Taxes are going up and benefits aren't being cut." I mean, Thursday was a day when everyone actually seemed to throw in the towel. President Obama's game plan was very old-fashioned tax-and-spend, and the market lapped it up.
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