The Senate’s “Gang of Six” is back, this time with a surprise plan that would preserve Washington’s big-spending ways. Within an hour of the bipartisan group’s announcement of a breakthrough framework for hiking the debt ceiling, President Obama walked jauntily to the White House briefing room to embrace it as “broadly consistent with what we’ve been working on here in the White House.”

There’s a lot for Mr. Obama to like about the deal. The federal government could once more borrow trillions from future generations for more spending. It would increase some taxes and reduce others while promising to cut a few spending items over the course of a decade.

It sounds like a compromise, but it’s not clear that the White House would end up conceding much in the final analysis. As a GOP aide explained, “This is $2 billion above even Obama’s spending levels for next year. This plan is worse than anything out there now.”

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