Having blown to smithereens his late-campaign promise to enact a "net spending cut," President Barack Obama appears set to pulverize an already-undermined vow he repeated as recently as his first presidential speech to Congress: "If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime."

The administration this weekend fanned out its economic heavy hitters on the TV chat shows to float a trial balloon: maybe we'll see some of those new taxes after all...

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