expansion bit

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Noun1.expansion bit - a bit with a cutting blade that can be adjusted to different sizes
bit - the cutting part of a drill; usually pointed and threaded and is replaceable in a brace or bitstock or drill press; "he looked around for the right size bit"
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I always keep a few augers in the common sizes up to one inch in my toolbox, along with an expansion bit that can be adjusted to drill any size hole from one to three inch diameters.
* Expansion bits take the place of many larger bits.