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He's trying to lie, but he's a bit too far gone to do it as successfully as, say, a Bill Clinton or George H. W. Bush (W. Bush, of course, is simply not intelligent enough to convincingly lie).
It's a shame some people don't have "smart" on their list of presidential attributes. I'm not saying intellect is the end all be all of presidencies, but an oval office with under a 90 IQ is likely to see a lot of problems.
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