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How Do You Spell "Win?" F-A-I-L

It might be tempting to paint the Fiscal Cliff Cave (if I may mix metaphors) as something for a win for Republicans. After all, as Conn Carroll wrote, "Obama’s first offer was for a $1.6 trillion tax hike and an infinite debt limit hike. Boehner countered with $800 billion. The final deal was for only $600 billion."

But that's only looking at one side of the deal. The GOP demanded unspecified spending reforms and cuts, and received some pretend cuts at a miserable 41-to-1 ratio. Since the cuts won't happen and their simply aren't any entitlement reforms, the actual ratio is 41-to-nothin'.

So long as the GOP leadership is willing to accept fiat promises in payment for tax hikes, there's nothing to stop Obama from coming back for more -- and getting it, too.