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Fast food’s value-menu war hits a new low today: the $2 combo meal.

Taco Bell will announce plans to roll out $2 Meal Deals that include a taco or burrito, a medium soft drink and a bag of Doritos. It is the only national chain selling an entree, side dish and drink for $2 — a penny more than an iTunes video download.

“This is certainly thinking outside the bun,” says Bob Sandelman, CEO of the restaurant research firm Sandelman & Associates. “I’m sure McDonald’s will be watching with interest.”

Besides a medium drink and Doritos chips, consumers choose from four items: Chicken Burrito, Double Decker Taco, Gordita Supreme or 5-Layer Burrito.

Taco Bell has begun ads with Taco Bell workers and customers pondering how the chain can sell three items for $2. The actors make the assumption that one of the items must be “free” — then argue over which item is the freebie.

McDonald’s says it isn’t impressed.