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Niccol made the announcement on a conference call, according to a report by Bloomberg News.
Taco Bell is already known for offering cheap Mexican food. The extensive value menu offers items for 79, 89, and 99 cents.
The new, $1 menu is being tested in Sacramento and Kansas City. It might replace the current "Why Pay More" menu, according to Bloomberg.
The company also tried to get into higher-end food last year, releasing Cantina bowls with premium ingredients like steak and guacamole.
The Cantina release was seen as an attempt to compete with Chipotle, though the two restaurants serve very different demographics.