President Obama announced his debt deal with House Speaker John Boehner with a dramatic quote about the intensity of the cuts in the deal:

"The result would be the lowest level of annual domestic spending since Dwight Eisenhower was President — but at a level that still allows us to make job-creating investments in things like education and research."

The problem is that his statement was an outright lie.

Though Obama's statement sounded good, but a White House memo on the deal reveals his words to be false. It reads that the deal...

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