12/14/2012 09:14 am ET Updated Feb 13, 2013

Popular Ronald Reagan Myth On Tax Hike For Spending Cut Deal Debunked

"In 1982, Ronald Reagan sat down with the Democrats and they had a deal -- a $3 cut in spending for every dollar they raised in taxes. Guess what? They raised the taxes, and they never cut the spending."

-- oft-repeated story told in Washington during "fiscal cliff" negotiations

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