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spending reductions in the tax code 

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A tax hike.

See also: Jon Stewart's segment, "Slashdance" on The Daily Show aired 4/14/2011.
"My plan will require us to come together and make up the additional savings with more spending cuts and more spending reductions in the tax code." -President Obama is his deficit speech on 4/13/2011.
spending reductions in the tax code by justiferous May 6, 2011
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