“Read my lips! No New taxes!” — taken from the Clint Eastwood tough-guy movie “Dirty Harry.” The irony, of course, is that in 1990, just two years later, Bush broke that pledge. Facing soaring deficits and a sinking economy, Bush decided to compromise with Democrats and sign a deal cutting Washington government deficits by $500 billion over ten years. Though it contained many spending cuts painful to Democrats, it also raised many key taxes, including the Federal gas tax.
Posted on: Wed, 23 Jul 2014 14:39:13 +0000